India-US trade pact would be concluded at earliest, in interest of global trade: FM Sitharaman
In a promising update on the India-US trade agreement, Nirmala Sitharaman indicated that negotiations are progressing well, with Commerce Minister Piyush Goyal mentioning that legal drafting for the initial phase is in motion. Addressing concerns related to trade imbalances and China's market access restrictions, Sitharaman underlined the critical role of infrastructure investments in driving…
Finance Minister Nirmala Sitharaman expressed optimism on Friday that the India-US trade agreement would be finalized as soon as possible, benefiting global trade and enhancing bilateral economic relations. Recently, the Indian Commerce Minister also reiterated the desire for an early agreement signing. Negotiations are ongoing, but Sitharaman remains hopeful that the trade pact will conclude promptly, as it would be mutually advantageous for both India and the US.
Commerce and Industry Minister Piyush Goyal confirmed on Thursday that the first phase of the India-US trade pact has been finalized and is currently being drafted legally. The agreement focuses on addressing trade imbalances and non-tariff barriers with China. Sitharaman highlighted the significant trade deficit between India and China, citing persistent restrictions on market access for Indian products such as generic medicines, bovine meat, and perishable goods.
Non-tariff barriers pose the primary obstacle to India-China trade, according to Sitharaman. Despite various discussions and investigations, progress has been limited due to China's use of phytosanitary measures and other non-tariff restrictions. India has not resorted to imposing punitive tariffs on trading partners to rectify the imbalance, instead opting for negotiations, albeit a time-consuming process.
In the context of BRICS, Sitharaman emphasized that the group should be viewed as a partnership focused on enhancing the welfare of its member nations' people rather than a platform to challenge any specific country or bloc. She stressed that BRICS represents nearly 40% of the global population and that increased cooperation among member countries can foster trade, mutual understanding, and economic opportunities.
With new members joining, BRICS now includes 11 to 12 countries, collectively accounting for approximately 45% of global trade.
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.
