‘To be finalised in line with changed circumstances’: Piyush Goyal on India-US trade deal

India and the United States are finalizing an interim trade agreement framework, according to Commerce and Industry Minister Piyush Goyal. The two nations announced the framework in February, but Goyal noted that circumstances have since changed, and the final agreement will be determined with this in mind. The US tariff landscape shifts have prompted further negotiations on the first phase of the trade pact. India is seeking lower tariffs for its goods compared to those faced by competing countries in the American market.

The key issue, as Goyal emphasized, is securing the comparative advantage for Indian goods that was agreed upon in February. Achieving this requires legal expertise beyond what AI can provide, according to Goyal. Recently, Goyal met US Trade Representative Jamie Zamora Greer during the G20 trade ministers' meeting in Milwaukee to discuss the proposed pact.

India is also engaged in trade negotiations with several other countries and regional groupings, including Israel, Chile, the Gulf Cooperation Council (GCC), and the Russia-led Eurasian Economic Union (EAEU). Talks with Canada are progressing more rapidly, while discussions with South Africa are expected to commence soon. Talks with Mexico are set to begin next week.

Additionally, UK and Canada trade ministers will visit India next week, with the UK minister participating in the India-UK Joint Economic and Trade Committee (JETCO) meeting.

Recently, US Trade Representative Jamie Zamora Greer stated that a deal was not imminent, and Finance Minister Nirmala Sitharaman indicated that negotiations had reached a standstill.