Fabulous negotiations: Piyush Goyal hints at India-US trade deal announcement soon

Detailed summary

Piyush Goyal said India-US trade negotiations were smooth, with only a few issues unresolved. He expects the pact to secure highly favourable American market access for Indian products.

Commerce and Industry Minister Piyush Goyal on Thursday said negotiations between India and the United States for a bilateral trade agreement were progressing smoothly, with only a few issues left to be resolved. He indicated that an announcement on the deal could come soon, adding that India was working towards securing one of the "best" trade agreements with Washington.

"We are having a fabulous negotiation with the US. They are an important partner for us in trade and defence, and we share a multi-dimensional relationship. The negotiations are smooth and friendly, with no obstacles. There are just a few issues left, which we are sorting out. You could hear an announcement soon," Goyal told Business Today in an on-camera interaction.

The minister also expressed confidence that the proposed agreement would give India favourable access to the American market, saying the country had negotiated a strong set of outcomes.

"And in every respect, India will have one of the best deals with the US," he said.

Goyal said India expected to secure highly favourable market access in the US for products in which it had a strong interest, particularly when competing with countries at similar levels of economic development.

"Nations that make the same products and are at a similar level of development, like India. We will have the most preferred market access in the US post the deal in products of our interest," he said.

India and the US had finalised a framework for the first phase of their bilateral trade agreement in February. However, changes in the US tariff landscape have necessitated further negotiations before the pact can be concluded.

A two-member team of US officials visited India earlier this month for discussions on trade and customs facilitation. Goyal said the visit primarily involved engagement with Indian customs authorities.

"The Deputy Chief Negotiator had come for discussions with the customs department on one track," he said.

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