Piyush Goyal gives BIG update on India’s trade deals with US, EU: ‘We are at…’

Commerce and Industry Minister Piyush Goyal.

Talks with both the European Union and the United States on India’s trade agreements are at an advanced stage, Commerce and Industry Minister Piyush Goyal said on Friday. “We are in advanced stages of talks with both the EU and the US on trade agreements,” Piyush Goyal said at a media event here.

Goyal said India is negotiating with developed countries today and is willing to contribute to their future, just as we want them to contribute to our future for Viksit Bharat. “Every agreement is based on the comparative advantage India will have over its trading partner. This is not just about tariffs. We have set a target of doubling our trade in goods and services with the US to $500 billion by 2030.”

Goyal also said that there is a huge appetite for trade with India globally and many countries are looking at the opportunities. Chile and Peru, rich in critical minerals, and Oman are other countries on the verge of signing a trade agreement with India.

The United States imposed a 25 percent punitive tariff on India for purchasing oil from Russia, in addition to the 25 percent reciprocal duty on Indian goods entering American markets. India called these duties “unfair, unjust and unreasonable”.

Earlier this month, the minister told national broadcaster Doordarshan that India and the US were making progress in trade talks: “We are in dialogue with the United States. Our teams are busy. We recently had the commerce minister visit the US and he also met his counterparts. We continue to engage with them and talks are progressing. We hope to work towards reaching a fair and equitable agreement in the near future.” he said.

But at the same time, the minister also stated that India will not rush into any trade agreement as it wants to have a fair and equitable agreement with its partner countries and not one that restricts India’s trade choices.

The Commerce Minister’s comment came in the backdrop of ongoing India-US trade talks. India is also negotiating a free trade agreement with the European Union; however, differences remain regarding market access, environmental standards and rules of origin. “Trade agreements are longer term. It’s not just about tariffs, it’s also about trust and relationship. Trade agreements are also about businesses,” he explained. “India will not sign any trade agreement in a hurry,” Goyal said, referring to European concerns about India continuing to buy Russian oil.

(Except for the headline, this news has not been edited by DNA staff and is published from IANS news agency).