India Is in Continuous Dialogue With US on Proposed Bilateral Trade Agreement: Piyush Goyal
India pushes fair trade deals with US, EU, and Italy to boost growth and protect national interest
New Delhi: Amid the US tariff war, commerce and industry minister Piyush Goyal on Friday said that India is in continuous dialogue with the US on the proposed bilateral trade agreement (BTA), and the government will safeguard the nation's and public interests as it is never advisable to take any step in undue haste. “All trade talks of the country are progressing well in the spirit of ‘India first’ and to ensure the pathway to Viksit Bharat 2047,” the minister said.
The two countries (India-US) have fixed a target to finalise the first phase of the agreement by September-October this year with an aim to more than double bilateral trade to $500 billion by 2030 from the current $191 billion. “I have said many times before that we do not negotiate at the gunpoint. Timely restrictions are good as they encourage us to talk swiftly, but until we are able to protect the interests of the country and people, it is never good to be hasty),” Goyal told reporters when asked about the progress of India-US BTA.
On the India-European Union (EU) trade pact, Goyal said that the trade talks proceed when both sides are sensitive to each other's concerns and requirements. “I can only share... That all the trade talks are progressing well in the spirit of India first and to ensure our pathway to Viksit Bharat 2047,” he said, adding that businesses face various constraints of non-tariff barriers in the EU.
Meanwhile, speaking at the Italy-India Business Forum, Goyal also said that some concrete steps need to be taken to expedite the conclusion of the free trade agreement between India and the EU that can help both sides deepen economic ties. “The India-Middle East-Europe Corridor (IMEC) provides India and Italy an opportunity to further come closer to each other,” he added.
Further, the minister also said that there is a need to promote seamless trade and investments between India and Italy. “There is a need to encourage investments on both sides, promote businesses to do trade with each other without roadblocks... I think there is tremendous potential to grow from USD 15 billion level,” Goyal added.
