Commerce and industry minister Piyush Goyal has said India would be “happy and willing” to negotiate a trade agreement with the US, its largest export destination, to further deepen bilateral commerce should the Biden administration look for a new free trade partner.

However, as a matter of policy, the US is not looking to firm up a new FTA with any country now, he added.

Speaking to reporters here, Goyal said: “Should they change their mind, India would be happy and willing to discuss. Without that also, we are engaged in attracting investment, technology, and trade between the two countries.”

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“I am sharing this with you to just tickle and excite your imagination (so that) the American government (can) have a rethink on their new FTA policy. So that they do not miss the bus,” he added. India’s exports to the US jumped almost 48% on year in FY22 (albeit on a favourable base) to $76 billion, while its imports surged 50% to $43 billion.

Both the countries had almost finalised a trade deal just before Donald Trump lost the re-election bid. The “limited” deal was negotiated for months and was expected to cover an annual trade of over $13 billion, or roughly 15% of bilateral shipments. However, following the election of Joe Biden as President, the new US administration dragged its feet on any new trade deal.

At a meeting of the US India Strategic Partnership Forum (USISPF), Goyal said talks for a trade deal with Canada are progressing well and an early-harvest deal could be hammered out as early as December.

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“Canada (Minister of International Trade Mary Ng) and I are very confident that we would be done with our early progress trade agreement by December,” he said. The second round of talks with the EU (after formal negotiations resumed in June after a gap of almost nine years) will take place soon. “(But) There are 27 countries (in the EU bloc), so it will take longer…,” he said.

Commenting on an India-Israel agreement, the minister said: “I still do not think we have got a good enough deal or a proposition that is attractive because of the small population size (of Israel) and their unwillingness to open up on services…”.

Separately, Goyal said the political churnings in the UK may have slowed the pace of negotiations a bit from the desired level but it can be made up in the coming days. Both the sides are still eyeing the Diwali deadline to clinch the deal, he added.