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Goyal Says Preferential US Terms Key to India Trade Pact
India and the United States are working on a trade agreement.
Piyush Goyal said India will share the agreement’s details after the US offers better trade terms than India’s competitors receive.
India already has nine free trade agreements.
These agreements cover economies worth about $60 trillion in total GDP.
They give India easier access to nearly two-thirds of global trade.
India plans to make more agreements with several countries and trade groups.
If these plans succeed, India could receive easier access to 75% of global trade.
India is also reviewing some older trade agreements.
Commerce Minister Piyush Goyal said details of the India-US Bilateral Trade Agreement will be announced after the US offers preferential terms.
India’s nine existing free trade agreements cover economies representing about $60 trillion in combined GDP.
These agreements provide preferential access to nearly two-thirds of global trade, according to Goyal.
Planned agreements with Canada, Mexico, Chile, Mercosur, SACU, the GCC and Israel could expand access to 75% of global trade.
India has implemented trade pacts with the UK, Mauritius, Oman, the UAE and Australia, while reviewing agreements with ASEAN, Korea and Japan.
- Who
- Commerce and Industry Minister Piyush Goyal discussed India’s trade agreements and negotiations with the United States.
- What
- India is awaiting preferential US terms before announcing details of its Bilateral Trade Agreement with the United States.
- Where
- New Delhi.
- When
- Thursday; no specific date was provided.
- Why
- India wants trade terms that are more favorable than those offered to its competitors.
Key facts
- Agreement discussed
- India-US Bilateral Trade Agreement
- Condition for details
- The United States must offer preferential terms compared with India’s competitors.
- Existing FTAs
- India has implemented nine free trade agreements.
- Economic coverage
- The existing agreements span economies representing about $60 trillion in GDP.
- Current trade access
- The agreements provide preferential access to nearly two-thirds of global trade.
- Potential future access
- Planned agreements could give India access to 75% of global trade at rates lower than its competitors.
- Implemented pacts
- India has trade agreements with the United Kingdom, Mauritius, Oman, the United Arab Emirates and Australia.
Sources
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