Goyal Signals India-US Trade Deal Announcement Could Come “Quite Soon”

Union Commerce and Industry Minister Piyush Goyal has said an announcement on the India-US trade deal could be made “quite soon”, as negotiations between New Delhi and Washington continue.

Speaking to Business Today TV on Friday, Goyal described the United States as an extremely important partner for India across trade, technology, defence and critical minerals. He said discussions were moving ahead smoothly, with only a handful of matters still to be settled.

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“We’re having fabulous negotiations with the United States of America. They are a very, very important partner of India’s in terms of trade, in terms of technology, our defense partnership, our critical mineral partnership. It’s a very multidimensional relationship. I think in every respect our negotiations are smooth, very friendly, and I think the good news is that there are no obstacles and a few issues left which we are sorting out. Everything is possible, and you could hear the announcement quite soon,” Goyal told Business Today TV’s Karishma Asoodani in an exclusive interaction.

India-US Trade Agreement: What Piyush Goyal Has Said This Week

Goyal’s remarks on Friday followed comments he made on Wednesday in Vishakhapatnam, where he told reporters that India would secure one of the “best” trade deals with the US in every respect. He added that New Delhi had negotiated a very good set of outcomes within the pact.

“And in every respect, India will have one of the best deals with the US,” he was quoted as saying by PTI.

US Ambassador Sergio Gor on India-US Trade Talks

Earlier this month, US Ambassador to India Sergio Gor said the trade agreement between the two countries had been “at the finish line for a very long time”. Speaking to reporters before the Quad Foreign Ministers’ Meeting, Gor said, “The trade agreement has been at the finish line for a very long time, and we hope we will be able to get it across the finish line.”

Citing the India-EU FTA, he said, “The one thing I tell people: keep in perspective, the European Union trade deal with India took almost 20 years. We’ve been at this for a little over a year, so we got plenty of time.”

He added, “We will get it.”

Describing the bilateral relationship as “great”, Gor said, “Pick any sector, pick any item. The United States and India are working at it at a higher level than ever before.” He cited pharmaceuticals, IT and military exercises as examples.

India’s Red Lines on GM Products and Dairy in Free Trade Agreements

Days after Gor’s comments, Goyal reiterated India’s position on allowing genetically modified (GM) products into the country and opening up its dairy sector under free trade agreements. Speaking at Kirori Mal College, he said the government would not compromise on sensitive agricultural sectors or the interests of farmers.

“We are very sensitive to opening up to certain agricultural produce, certain goods that we are very strong on like marine products. We are very sensitive to opening our dairy. In fact, till date, we have never opened up dairy for anybody,” he said. “We are very sensitive not to allow any GM products to come to India and we have never allowed it and we’ll never allow it in the future.”

Where the Bilateral Trade Deal Stands

In February this year, India and the US finalised a framework for the first phase of the bilateral trade agreement. Changes in the tariff landscape and evolving geopolitical situations have, however, led to further negotiations.