The talks with the US in a trade agreement are progressing and there are many more developed countries that are keen on signing free trade agreements with India, commerce and industry minister Piyush Goyal said Monday.
“Talks are going with the US (for a trade agreement). Talks are also underway with the European Union, New Zealand, Oman, Peru and Chile. Qatar and Bahrain too are keen to negotiate trade pacts with India,” he said at the valedictory session of the UP International Trade Show.
What did Piyush Goyal say?
India and the Eurasian Economic Union (EAEU) comprising Armenia, Belarus, Kazakhstan, Kyrgyz Republic and Russia in August have signed the Terms of Reference (ToR) to launch negotiations on a FTA. The Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) countries (Iceland, Liechtenstein, Norway, and Switzerland), which was finalised in March 2024, will come into effect from October 1, 2025, the minister added.
Last week, the minister led an official delegation to New York for trade talks. He held a meeting there with US Trade Representative Jamieson Greer. During the meeting in the US both sides discussed the possible contours of their trade deal. It was also decided to continue the engagements with a view to achieve early conclusion of a mutually beneficial Trade Agreement.
When is the deadline for the US deal
The deadline for the deal with the US is autumn or November of this year and officials are hopeful of meeting that deadline. In its talks with the US, India is insisting on the removal of 25% additional duties imposed on India for buying Russian oil and bringing down the reciprocal tariffs below the current levels of 25%.
The decision to negotiate the Bilateral Trade Agreement (BTA) was made in February this year when US President Donald Trump and Prime Minister Narendra Modi met in Washington.
The BTA is part of the ambitious plan to increase the bilateral trade between the two countries to $ 500 billion in 2030 from $ 191 billion now.