Union Commerce and Industry Minister Piyush Goyal said that India and the United States are moving quickly and positively on trade talks with a spirit of cooperation. He said both countries are working together to reach a “win-win” agreement that benefits both sides.
An Indian team is currently in the United States for the next round of talks on the first part of the Bilateral Trade Agreement (BTA). Both sides are aiming to finish the deal by the end of this year. India’s Chief Trade Negotiator, Rajesh Agrawal, will join the team on Wednesday. The discussions will continue until Thursday and will last four days in total.
New export promotion policy coming soon
Speaking at the National One District One Product (ODOP) Awards 2024, Goyal said the Commerce Ministry will soon seek approval from the Union Cabinet for a new export promotion policy.
He said the government will work with new exporters to help them sell their products in new markets across the world.
Goyal added that India is focusing on both modern developed countries and unexplored markets as export destinations. The idea is to sign trade deals with countries whose economies match well with India’s strengths, he said.
Calling India an “oasis of development” despite global economic troubles, Goyal said that India is currently the fastest-growing large economy in the world. He said most ODOP products are sustainable and will soon be linked with local tourism to boost their promotion.
Every district contributing to India’s growth
Goyal said that all 773 districts of India are playing a role in the country’s success by producing unique traditional products. It’s difficult to pick just one item per district, he added, but the key to growth will be quality, products must meet high standards to be accepted in both Indian and international markets.
The Minister concluded by saying India is on track to become the world’s fourth-largest economy this year, and the third-largest by 2027.