India, US lock first phase of trade pact; legal drafting underway: Piyush Goyal
Commerce and Industry Minister Piyush Goyal announced the finalization of the first phase of the India-US trade pact. This phase is currently undergoing legal drafting, with hopes for quick finalization and operationalization. He emphasized the need for India to secure a competitive advantage over its peer countries before implementation. Additionally, Goyal stated the free trade agreement with…
India and the United States have finalized the first phase of their landmark trade agreement, with legal drafting underway, according to Commerce and Industry Minister Piyush Goyal. The aim is to finalize the first phase quickly, pending India gaining a competitive edge over its regional peers, Goyal explained at an event in New Delhi.
US Ambassador to India Sergio Gor echoed these sentiments, stating that the broad framework and major components of the deal have been completed, though finer details are still being negotiated. The complexity stems from the sheer size of the two economies, comprising over 1.4 billion people, and the voluminous array of products and sectors involved.
Goyal highlighted that India is seeking preferential market access and tariff stability in the US agreement, which has been in negotiation for around a year and a half. The free trade agreement with the European Union is scheduled to be signed in December and take effect from February or March next year.
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.
