India-US trade pact 'done and dusted'; execution after India gets competitive advantage: Piyush Goyal
Commerce and Industry Minister Piyush Goyal announced that the US-India bilateral trade agreement is on the verge of completion, showcasing significant progress. He also emphasized positive developments in the India-EU trade negotiations, particularly regarding climate regulations, and mentioned advancements in talks with Canada, Mexico, and the Gulf Cooperation Council.
The trade agreement between India and the United States has been finalized, according to Commerce and Industry Minister Piyush Goyal. Speaking at an event organized by the Public Affairs Forum of India, Goyal stated that the pact, which is nearly completed, will be put into effect once the US provides India with a competitive edge on the global stage.
India has successfully negotiated nine free trade agreements, including the US, which is nearing completion. Goyal revealed that their upcoming visit to the US for the G20 Trade Ministerial will include a bilateral meeting with US Trade Representative Jamie Pressly Greer to discuss the progress of negotiations for the trade pact.
Goyal also addressed concerns surrounding India's exclusion from the initial negotiations for the Regional Comprehensive Economic Partnership (RCEP) and the decision to join when the EU implemented regulations such as the Carbon Border Adjustment Mechanism. He questioned whether such a deal with China would have been advantageous for Indian businesses, manufacturers, and workers, citing concerns over Chinese exports, dumping, and subsidies.
Additionally, he mentioned that India secured favorable concessions from the EU, including a $500 million commitment on climate finance and an extra steel quota, due to their earlier negotiations.
Furthermore, Goyal discussed India's growing interest in the semiconductor industry, projecting that annual demand for semiconductors will reach over $150 billion within the next five years. He encouraged businesses to participate in the design and development of semiconductors, emphasizing the need for human verification of AI-generated information.
Lastly, he highlighted India's ambitious goal of providing one million seafarers to the global workforce and the importance of export diversification to de-risk supply chains and attract foreign investment.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
