Goyal hints at grabbing "low-hanging fruit" in bilateral trade talks with US

Bern [Switzerland], June 9 (ANI): Commerce and Industry Minister Piyush Goyal has suggested India should prioritize securing immediate gains from ongoing bilateral trade negotiations with the United States, advocating for a phased approach that captures "low-hanging fruis" before addressing more complex issues.

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The minister advocated a pragmatic approach to trade agreements, suggesting that sectors without major disputes should be prioritized. "Why waste time waiting for everything to be perfect when we can first capture the low-hanging fruit and start benefiting those sectors immediately?" Goyal said.

He cited India's successful phased approach with Australia, where the first tranche of the trade agreement led to bilateral trade growth while negotiations continue on remaining issues. "We completed tranche one with Australia and boosted trade both ways. Now discussions are ongoing on remaining topics, and we will finalize those agreements too," he said.

Goyal indicated that India remains flexible in its negotiation strategy, revealing that the UK was also offered a similar phased approach. "At one point, we told the UK that if they wanted, we could do a tranche one deal," he disclosed.

The minister also shared his optimism about the trade negotiations.

"I am a born optimist, and working with Prime Minister Modi brings even more enthusiasm and self-confidence," he said.

Asked about details of the India-US bilateral trade negotiations, Goyal said such talks are held in close loop.

"I've never discussed details of any free trade agreement negotiations in the press. Negotiations are held in a closed loop," he stated.

The ongoing trade talks between Indian and US negotiating teams, which began on June 4 and are scheduled to conclude on June 10.

Both nations view these discussions as a crucial step toward strengthening their strategic economic partnership.

Industry experts suggest the negotiations could have far-reaching implications for global trade patterns and supply chain configurations, particularly in key sectors including technology, pharmaceuticals, defence, and agriculture.

The minister's emphasis on securing quick wins reflects India's broader strategy of building momentum in trade relationships through incremental progress rather than waiting for comprehensive agreements that might take years to finalize. (ANI)

(The story has come from a syndicated feed and has not been edited by the Tribune Staff.)