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India-US Trade Deal to Be Finalised Once 'Preferential Rate' Is Offered, Says Piyush Goyal
Goyal said India will sign the deal once Washington offers tariff terms better than rival economies, after talks on an interim pact covering sensitive sectors.
- On Thursday, Commerce and Industry Minister Piyush Goyal said India will finalize the Bilateral Trade Agreement with the United States once Washington offers preferential tariff rates compared to competing economies.
- Negotiations for the pact have faced delays due to shifting US tariff landscapes, forcing India to seek tariff advantages over major competitors like Vietnam, Bangladesh, and Thailand to ensure price competitiveness.
- Addressing a workshop in New Delhi, Goyal detailed India's nine free trade agreements , spanning economies representing about $60 trillion in GDP, while setting a $1 trillion export target for the current year.
- Goyal will travel to the US in late September for the G-20 Trade Ministerial in Milwaukee, where he plans bilateral discussions with USTR Jamieson Greer regarding the trade pact.
- Urging stakeholders to focus on quality, Goyal warned that the window of opportunity to capitalize on these trade pacts is not infinite, as competitors will eventually secure similar benefits.
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Piyush Goyal says India will finalise US trade deal only after securing preferential tariff terms
He also said that India's nine free trade agreements (FTAs), spanning economies representing about USD 60 trillion of GDP, would provide preferential access to nearly two-thirds of global trade.
·Noida, India
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Union Minister Piyush Goyal said that the bilateral trade agreement will be finalised only when America gives India better and concessional tariff benefits compared to its competing countries.
·India
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Coverage Details
Total News Sources23
Leaning Left2Leaning Right7Center2Last UpdatedBias Distribution64% Right
Bias Distribution
- 64% of the sources lean Right
64% Right
L 18%
C 18%
R 64%
Factuality
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