Goyal: India, US in constant dialogue for trade pact

India and the US are actively engaged in negotiations for the proposed bilateral trade agreement, Industry Minister Piyush Goyal said on Tuesday. He expressed optimism about meeting the November deadline to conclude talks for first tranche of the trade pact.

Goyal, while speaking to reporters in Doha, acknowledged the challenges posed by the ongoing US government shutdown, but emphasised that discussions were underway at various levels to advance the mutually beneficial trade pact. Despite these constraints, Goyal said: “We are in constant dialogue with the US, and talks are on at various levels. We will give more information on this soon.”

The US government has been witnessing a shutdown since the midnight of October 1, following its Congress’s failure to pass a funding Bill.

When pressed on whether the November deadline remained feasible, Goyal said: “There is every possibility.”

He also indicated that the sixth round of negotiations would take place soon. The proposed bilateral trade agreement, initiated in February, aims to enhance bilateral trade to $500 billion by 2030, more than doubling the current $191 billion.

‘Good’ discussion underway with EU: Industry Minister

Amid the ongoing talks for the fourteenth round of negotiations in Brussels, Commerce and Industry Minister Piyush Goyal on Tuesday underlined that “a very good discussion” was underway between India and the European Union. Negotiations will continue till Friday.

“Our entire team is there, we are hoping to work together in a spirit of deep understanding of each other’s sensitivities so that we can conclude a very equitable, fair and balanced Free Trade Agreement between the $20-trillion EU of 27 countries, and India, the fastest-growing large economy in the world today,” Goyal said. “We complement each other. Our talented population is a great resource for the EU.”

Resumed in June 2022 after an eight-year hiatus, the FTA negotiations cover 23 policy areas, including trade in goods and services, investment, technical barriers, rules of origin, customs, competition, intellectual property, and sustainable development. The Brussels talks follow discussions held in New Delhi in September.

EU Trade Commissioner Maros Sefcovic and Goyal had last month expressed strong optimism of concluding the trade pact by December this year.