US should sign trade deal if happy with offer: Piyush Goyal
Welcoming US trade representative Jamieson Greer’s comment that the US had received the “best ever” offer from India, Goyal said: “I believe they should sign on the dotted lines if they are so happy.”
However, he refrained from giving a deadline for the signing of the long-awaited Bilateral Trade Agreement (BTA) between the two countries.
Speaking on the sidelines of an event in Mumbai, the minister said there have been five rounds of negotiations with the US on the trade deal.
His statement came after US officials wrapped up a two-day visit to India to further bilateral talks.
Goyal said US deputy trade representative Rick Switzer’s visit was not focused around BTA negotiations.
India and the US are working to finalize the first tranche of the BTA. Washington imposed 50% tariffs on India starting August 27; 25% of these are penalties for purchasing energy from Russia.
Switzer met Goyal, commerce minister Rajesh Agrawal and other senior Indian officials during his first visit after assuming office.
“The visit provided an opportunity for both sides to engage in fruitful exchanges on a wide range of issues related to India-US trade and economic ties, including ongoing negotiations for a mutually beneficial India-US Bilateral Trade Agreement. Both sides agreed to continue the current purposeful and positive discussions,” an official said.
EU FTA
Italian deputy prime minister Antonio Tajani on Thursday expressed hope that the India-European Union Free Trade Agreement (FTA) will be signed within the next six months.
Speaking here at the Italy-India Business Forum with the participation of Goyal, Tajani said that the agreement between the fourth largest economy and the 27-country bloc is very important as it will help his country’s exports.
“I want to be optimistic that it will be possible to achieve the goal of signing the agreement in the first six months of next year,” said Tajani, who is also Italy’s foreign minister. However, Goyal refused to give a timeline in which he expects the agreement to be signed but stated that all issues will be resolved through a fair, balanced and equitable agreement where everyone wins.
He said the agreement between two economies with the size, scale and growth potential of India and the European Union will be a “defining agreement” of the 21st century.
“Obviously, it takes time. Frankly, there are a lot of things we need to consider,” Goyal said. “You need to look clearly into the future, ensure that the sensitivities of both sides are protected, and reap the rewards so that businesses and people on both sides can benefit.”
He said negotiations were conducted with a sense of urgency but never in a rush or on a deadline.
