Source : INDIA TODAY NEWS
Union Commerce and Industry Minister Piyush Goyal on Friday said negotiations on the India-US free trade agreement have been concluded, with the two sides now fine-tuning the first tranche of the bilateral trade agreement.
Goyal said India is waiting for the United States to provide the necessary framework for preferential tariffs for Indian exports, amid uncertainty over US tariffs.
“As I’ve often mentioned to you, we have closed the negotiations on the India-US free trade agreement,” Goyal said.
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He said the first tranche of the bilateral trade agreement would reflect an initial set of proposals agreed upon by the two countries, but some fine-tuning was still underway.
“The critical aspect is that any trade agreement has to provide preferential access in order for it to be attractive,” Goyal said.
“Given the uncertainties on tariffs in the United States, we are waiting for the US to provide the necessary framework under which India will get a preferential tariff for our exports to the US,” he added.
Goyal said India wants the tariff applicable to its exports to be lower than those faced by competitor countries.
“It should be lower than all our competitor countries,” he said, adding that India and the US were in agreement on the issue and remained in continuous dialogue.
The minister said he had spoken to his US counterpart recently and that both sides were committed to concluding a “very fair, equitable, and balanced” first tranche of the India-US bilateral trade agreement.
‘WE NEVER NEGOTIATE WITH DEADLINE’
Goyal made it clear that India would not rush the negotiations to meet an artificial deadline.
“We never negotiate with a deadline until we get the best deal for our farmers, fishermen, MSMEs, startups, women entrepreneurs, for our youth,” he said.
His remarks come amid continuing uncertainty over US tariffs and the timeline for finalising the first tranche of the India-US trade agreement.
Goyal said India would prioritise the interests of its domestic sectors while working towards a mutually beneficial trade agreement with the US.
– Ends
SOURCE :- TIMES OF INDIA
