India to get comparative advantage in US trade deal: Piyush Goyal

India's Commerce and Industry Minister Piyush Goyal announced that the nation will gain a comparative advantage and preferential access to the United States' market under the proposed trade agreement. Goyal emphasized this development's significance amid the global trade uncertainty caused by wars in West Asia and Ukraine. He stated, "And in the US also, we will get a comparative advantage from other countries.

We will get preferential access. So, now the story has started." The talks towards a limited India-US trade deal began in 2018 but were halted during the Biden administration. Reinstated last year, the talks have made significant progress. Goyal also mentioned that the proposed free trade agreement (FTA) with Chile was nearing completion, while Mexico aimed for an early harvest deal.

Progress was being made on the Comprehensive Economic Partnership Agreement (CEPA) with Canada, and discussions with Mercosur could be accelerated following Brazil's elections. FTAs with countries like Ecuador and several African nations were also being pursued. In response to a Mint query, Goyal highlighted the government's efforts to retain expertise gained from negotiations, preparing manuals for future reference.

He expressed hope that India would become a major exporter of goods and services to China and the ASEAN region, emphasizing the importance of fair play and open trade.