India-U.S. Trade Talks Enter Final Stage, Goyal Says

New Delhi — Negotiations over an India-U.S. bilateral trade agreement have entered their final stage, with most major issues resolved and both countries working toward a deal that would give India an advantage over competing exporters, Commerce and Industry Minister Piyush Goyal said Thursday.

Speaking at the NDTV Indo-Japan Strategic Dialogue, Goyal said he did not expect recent legal and policy developments in Washington to create significant obstacles to completing the agreement.

“We don’t see any difficulties with the US,” Goyal said, adding that “concessions and other elements have largely been finalised.”

India has consistently sought preferential access to the U.S. market compared with competing countries, and the U.S. administration understands that position, he said.

Following the U.S. Supreme Court’s decision to strike down tariffs imposed under the International Emergency Economic Powers Act, Goyal said Washington was developing an alternative mechanism intended to preserve India’s competitive advantage.

He said U.S. Trade Representative Jamieson Greer had acknowledged India’s position during the negotiations.

Goyal said Indian exports to the United States had remained resilient despite higher tariffs, while overall bilateral trade continued to expand. He projected that India’s merchandise exports during the April-June quarter would rise about 15% from the same period a year earlier.

The minister also said the India-U.K. Free Trade Agreement would take effect July 15, creating new opportunities for Indian exporters.

Legal scrutiny of the India-European Union Free Trade Agreement is expected to be completed within 10 to 12 days, after which the pact will move through the formal approval process, Goyal said.

He expressed confidence that the agreement would take effect before the end of the year, noting that all 27 European Union member states supported it and none had opposed the negotiations.

Goyal also emphasized Japan’s importance to India’s economic strategy. While investment has historically formed the foundation of the relationship, he said the next phase should emphasize expanded trade, technology partnerships and the movement of skilled workers. (Source: IANS)