Commerce and Industry Minister Piyush Goyal said the final details of the India-US Bilateral Trade Agreement will be announced once Washington offers preferential terms compared with India’s competitors.
Highlights
- India will finalise the Bilateral Trade Agreement (BTA) with the US once Washington offers preferential terms.
- Piyush Goyal said India is seeking a preferential rate compared with its competition.
- The final details of the agreement will be announced once the US is able to offer the preferential rate.
India will finalise its Bilateral Trade Agreement (BTA) with the United States once Washington offers preferential terms compared with the country’s competitors, Commerce and Industry Minister Piyush Goyal said on Thursday.
Speaking at a workshop on free trade agreements, Goyal said the final details of the proposed agreement would be announced once the US is able to provide India with a preferential rate compared with its competition.
“As soon as the US is able to give us the preferential rate in comparison to our competition, we will finalise the BTA and announce the final details,” Goyal said.
The Commerce and Industry Minister also highlighted the opportunities created by India’s existing free trade agreements.
He said the free trade agreements finalised by India offer huge export opportunities for domestic businesses.
India is also planning to expand its network of trade agreements in the coming months or years.
According to Goyal, the country will conclude more trade pacts with Canada, Mexico and Chile.
India also plans agreements with Mercosur, a Brazil-led group of countries, and the Southern African Customs Union (SACU), a South Africa-led group of countries.
The country will also pursue trade agreements with the Gulf Cooperation Council (GCC), which comprises six nations in the Middle East, and Israel, Goyal added.
