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 PHDCCI chamber on Saturday, Goyal emphasized that 'circumstances have significantly changed from the time in the first week of February when we shook hands and announced the deal'. 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' - indicating that while the framework has been agreed upon, technical legal details are still being finalized. 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), as reported by NDTV.
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). The minister indicated that discussions between the two countries are continuing as officials work to translate the initial understanding into legally workable provisions. Goyal earlier this month met US Trade Representative Jamieson Greer on the sidelines of G20 trade minister meeting in Milwaukee, both discussing trade pact-related issues.
The shifts in the US tariff landscape have led to further negotiations on the first phase of the trade agreement, as reported by The Times of India. India is seeking lower tariffs for its goods than those faced by competing countries in the American market. This development represents a significant factor influencing the ongoing negotiations, with both countries working to address the evolving tariff environment and ensure India's competitive position in the US market. The changing tariff landscape in the US has led to further negotiations about the first phase of bilateral trade agreement (BTA) between India and the US.
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, indicating India's active role in expanding its global trade partnerships. Additionally, Goyal informed that trade ministers of the UK and Canada will be visiting India next week, with the UK minister attending the India-UK Joint Economic and Trade Committee (JETCO) meeting, following India and the UK's trade agreement implementation in July.
