Source : INDIA TODAY NEWS
Commerce and Industry Minister Piyush Goyal on Thursday said the first phase of the India-US trade pact has been finalised and is undergoing legal drafting, with the government hoping to conclude the process soon. The agreement will be operationalised once India secures a competitive advantage over its peer countries, he said.
“US bilateral trade agreement’s first tranche has been finalised and it is going through final contours, the legal drafting and we hope to be able to finalise that soon and operationalise that once we get the competitive advantage over our peer countries,” Goyal said at an event in New Delhi, according to PTI.
advertisement
His remarks come amid prolonged negotiations between India and the US over a bilateral trade agreement. The two countries had announced a framework for an interim trade deal in February, but the agreement has not yet been operationalised.
Goyal had earlier said that changing global circumstances would need to be taken into account while finalising the pact. On October 14, he described India-US relations as “very good” and said he did not see any problem in bilateral ties, despite the delay in concluding the trade agreement.
The minister has repeatedly maintained that India needs to secure a competitive position for its exporters in the US market before the agreement is implemented.
INDIA-EU TRADE DEAL EXPECTED IN DECEMBER
Goyal also said the India-European Union free trade agreement would be signed in December and come into force in February or March next year.
India and the 27-member European Union had announced the conclusion of negotiations for the trade pact earlier this year. The agreement is expected to deepen trade ties and improve market access for businesses on both sides.
The proposed India-EU pact is part of India’s broader efforts to expand trade ties with major economies amid changes in global trade and tariff policies.
– Ends
SOURCE :- TIMES OF INDIA
