Piyush Goyal on India-US trade deal: ‘No sticky issues, moving towards closure’
India and the US held multiple rounds of negotiations last year to firm up the proposed bilateral trade deal. However, the talks hit a roadblock after American President Donald Trump slapped a whopping 50 per cent tariffs on Indian goods
After signing a mega trade deal with the European Union (EU), India is “moving towards closure” of a trade agreement with the US and there are “no sticky issues”, Union Commerce and Industry Minister Piyush Goyal has said.
India and the US held multiple rounds of negotiations last year to firm up the proposed bilateral trade deal. However, the talks hit a roadblock after American President Donald Trump slapped a whopping 50 per cent tariffs on Indian goods, including a 25 per cent punitive levy over Russian oil purchases, in August last year.
Also read: India–EU FTA decoded: Trade expert Biswajit Dhar on winners, losers, and hidden risks
Apart from the tariffs, the relations came under strain on a number of other issues that included Trump's claim of ending the India-Pakistan conflict in May last year and Washington's new immigration policy.
What Goyal said
On Saturday (January 31), Goyal told Hindustan Times that India doesn’t do any deal with a deadline in mind and termed India-US trade deal as “positive and good”.
“It is a positive, good deal. We are actively engaged. We never do any deal with a deadline in mind; when both sides are satisfied, the date will be announced. I don’t think there are any sticky issues left to be resolved. We can now look at moving towards closure,” Goyal told the newspaper.
Goyal also said that India was not disappointed with the delay of the trade deal with the US.
Also read: India-EU FTA: Good beginning, but don’t count the chickens yet
“Not at all. Every country looks after its own interests. We have to protect ours,” Goyal told Times of India. He added that “negotiations continue in a friendly manner.”
Jaishankar’s trip to US
Amid Goyal's remarks on the India-US trade deal, External Affairs Minister S Jaishankar is set to travel to the US next week. He is expected to hold a bilateral meeting with US Secretary of State Marco Rubio.
He is travelling to the United States to attend the inaugural ministerial meeting on critical mineral supply chains.
Ahead of his scheduled trip to Washington, Jaishankar on Thursday held talks with US Ambassador Sergio Gor, focussing on key dimensions of bilateral ties, including in areas such as trade, critical minerals and defence.
Goyal on FTAs with UK, EU
Talking about Free Trade Agreements (FTAs) with the UK and EU, Goyal said, unlike in the past, India is a respected country and Prime Minister Narendra Modi had changed negotiating deals based on current economy.
“One of the biggest differences between the past and today is that India is a respected country. People see political stability, they see macroeconomic stability, they see decisive leadership. They recognise the talent and skill that India has. So, now there is a want and a desire from the other side equally to do business and engage with India,” Goyal told HT.
“Second, India now goes from a position of strength, with confidence. Earlier, we would be negotiating on the current economy, which is a wrong strategy. PM Narendra Modi has changed this. Modiji has said, ‘You are negotiating the future FTA.’ The past is not material. Today’s $4 trillion economy of India is not material. Our $30 trillion economy in 2047 is what you are negotiating. And that is what is attracting the people on the other side. So, now when I negotiate, I negotiate either as an equal or as the person who’s got more to offer than to receive. And therefore, we get super deals,” he added.
(With agency inputs)