1 day ago
India-US Trade Pact Nears Execution, Goyal Seeks Competitive Advantage
India and the United States are working on a trade agreement.
Piyush Goyal said the agreement is almost finished.
However, India wants terms that help its companies compete with other countries in the US market.
Changes in American tariffs have led to more discussions.
Goyal is expected to discuss the agreement with a US trade official soon.
He also described benefits India says it secured in its trade agreement with the European Union.
These include more opportunities for Indian steel exports and climate-finance support.
India is also negotiating or preparing trade agreements with several other countries and groups.
Piyush Goyal said the India-US trade pact is effectively finalized but awaits suitable competitive terms in the American market.
India and the United States announced a framework for the pact’s first phase in February, but tariff changes prompted further negotiations.
Goyal will meet US Trade Representative Jamieson Greer during the G20 Trade Ministerial in Milwaukee from September 30 to October 1.
He said the India-EU trade agreement includes zero-duty access for more than 90% of Indian steel exports and opportunities to export up to 2.8 million tonnes.
India is also advancing proposed trade agreements with Canada, Mexico, the Gulf Cooperation Council and Chile, while talks with Peru face competition-related difficulties.
- Who
- India, the United States, Commerce and Industry Minister Piyush Goyal, and US Trade Representative Jamieson Greer.
- What
- India and the United States are working to execute the first phase of a bilateral trade agreement, while India advances other trade negotiations.
- Where
- The US negotiations concern access to the American market; Goyal will attend the G20 Trade Ministerial in Milwaukee, Wisconsin.
- When
- The framework was announced in February; Goyal’s US visit is scheduled for September 30 to October 1.
- Why
- India wants competitive market access for its exporters amid changing tariffs and other trade barriers.
Key facts
- India-US pact status
- Goyal described the agreement as nearly finalized, but said execution depends on securing a competitive advantage for India.
- Framework announcement
- India and the United States announced the first-phase framework in February.
- Further negotiations
- Changes in the US tariff landscape have led to additional negotiations.
- Upcoming meeting
- Goyal is expected to discuss progress with US Trade Representative Jamieson Greer during the G20 Trade Ministerial.
- India-EU steel access
- India has secured zero-duty access for more than 90% of its steel exports to the European Union.
- Steel export opportunity
- Indian exporters may ship up to 2.8 million tonnes of steel under various quota arrangements.
- Climate finance
- The European Union has committed USD 500 million in climate finance, according to Goyal.
Quotes
Piyush Goyal
India's Commerce and Industry Minister
“Even now when they (EU) wanted to restrict steel exports, we have extracted our pound of flesh and safeguarded so many of our agriculture and other sectors and we got a huge extra steel quota.”
telegraphindia.com
“China was the only other country. So, effectively, RCEP negotiations that we entered into voluntarily would have given us an FTA between India and China.”
telegraphindia.com
Sources
Related news
India-US Trade Pact Awaits Preferential Tariff Terms from Washington
India-US Trade Deal Awaits Preferential Tariff Terms From Washington
Goyal Says Preferential US Terms Key to India Trade Pact
India Seeks Better Tariffs Than Rivals to Finalize US Deal
India Seeks Tariff Advantage Before Finalizing United States Trade Deal
India Seeks 75% Global Trade Access Through Upcoming FTAs
Ex-Telecom Secretary Reveals BSNL, 2G and Trade Policy Battles
Book Examines India-ASEAN Ties, Opportunities and Persistent Engagement Gaps
Former Official Urges Realism on Quad and India-US Ties
India-Singapore Ministers Seek Stronger Trade, Technology and Investment Ties
