Commerce Minister Piyush Goyal confirmed that India-US trade negotiations remain on a 'steady keel', with both sides actively working on the legal details to preserve the preferential market access discussed earlier this year. Speaking at the Economic Times Startup Awards on Friday, Goyal emphasized that 'circumstances have significantly changed from the time in the first week of February when we shook hands and announced the deal'. He explained that discussions between the two countries are continuing as officials work to translate the initial understanding into legally workable provisions. The minister clarified that 'We have concluded the deal. We have nothing more to add, to give or take. The fine print is being worked upon'.
The negotiations have become more complex following a US Supreme Court ruling that curtailed the President's powers to impose tariffs under the International Emergency Economic Powers Act (IEEPA). As reported by Financial Express Mumbai, this ruling has prompted Washington to explore alternative mechanisms for implementing trade measures. Goyal stated that 'USA (trade pact) February me announce hua. Thodi paristhitiyan badli hain, usko abhi madde nazar rakhte hue final hoga' (It was announced in February. Some circumstances have changed; the final decision will be made keeping that in mind). India is seeking lower tariffs for its goods than its competitors in the American markets, with the changing tariff landscape in the US leading to further negotiations about the first phase of bilateral trade agreement (BTA) between India and the US.
According to Rediff Money Desk reports, Goyal confirmed that trade pact negotiations are on with number of regions including Israel, Chile, GCC (Gulf Cooperation Council) and Russia-led group Eurasian Economic Union (EAEU). He noted that negotiations for a trade pact with Canada are moving at a faster pace and talks for an agreement with the South Africa-led SACU group will start soon. The minister also revealed that talks with Mexico will be launched next week. Several countries are keen to negotiate trade agreements with India, he said.
As reported by Rediff Money Desk, Goyal informed that the trade ministers of the UK and Canada will be visiting India next week. India and the UK implemented a trade agreement in July, and the UK minister will be in India for the India-UK Joint Economic and Trade Committee (JETCO) meeting. The minister also criticised Congress leader Rahul Gandhi for his behaviour during a meeting with President Droupadi Murmu, calling it 'objectionable behaviour' and 'a sense of anarchy'. He added that opposition leaders have misbehaved with security personnel.
