Source : INDIA TODAY NEWS
India will finalise and announce the remaining details of its bilateral trade agreement (BTA) with the United States only when Washington offers it better tariff terms than those available to India’s competitors, Commerce and Industry Minister Piyush Goyal said on Thursday.
Goyal said India is ready to conclude the agreement once the US provides a preferential tariff rate that gives Indian exporters an advantage over competing countries.
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“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 while addressing a national workshop on leveraging free trade agreements (FTAs).
INDIA WANTS A LEVEL PLAYING FIELD
The minister’s comments highlight India’s focus on ensuring that its exporters are not placed at a disadvantage in the US market.
Tariff rates can have a direct impact on the price of Indian goods overseas. If competing countries get lower tariffs, their products can become cheaper and more attractive to American buyers.
India, therefore, wants favourable tariff terms before announcing the final details of the US trade agreement.
FTAs COULD OPEN UP MORE GLOBAL MARKETS
Goyal also spoke about the wider opportunities created by India’s trade agreements with other countries.
In a post on X, he said India has signed nine FTAs under Prime Minister Narendra Modi’s leadership. With negotiations continuing with several other countries, nearly 75% of global trade could eventually become accessible to Indian producers and exporters, he said.
The minister urged Indian businesses to make better use of these agreements instead of treating them simply as tariff benefits.
FOCUS ON QUALITY AND TECHNOLOGY
Goyal said exporters will need to improve the quality and scale of their products to compete in global markets.
He also called for greater investment in technology and stronger supply chains. Consistent quality standards, he said, will be important for making Indian products more competitive in international markets.
The government, industry and micro, small and medium enterprises (MSMEs) will all have to work together to turn greater market access into higher exports and more jobs, Goyal said.
WHY THE US DEAL MATTERS
The US is one of India’s most important trading partners, making the BTA a key part of India’s trade strategy.
For Indian exporters, lower and preferential tariffs could improve their competitiveness in the American market. However, the final terms of the agreement will determine how much advantage Indian businesses actually gain.
For now, India appears to be waiting for Washington to offer tariff terms that put Indian exporters on a stronger footing against their global competitors.
– Ends
SOURCE :- TIMES OF INDIA
