India-US trade pact to be finalised keeping changed circumstances in mind: Piyush Goyal
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The US and India announced in February that they had reached a framework for an interim trade agreement, but circumstances have changed, and the pact will be finalised accordingly, Commerce and Industry Minister Piyush Goyal said on Saturday.
He also said that trade pact negotiations are on with number of regions including Israel, Chile, GCC (Gulf Cooperation Council) and Russia-led group Eurasian Economic Union (EAEU).
"USA (trade pact) February me announce hua. Thodi paristhitiyan badli hain, usko abhi madde nazar rakhte hue final hoga. (It was announced in February. Some circumstances have changed; the final decision will be made keeping that in mind)," Goyal said here while addressing members of industry chamber PHDCCI.
India is seeking lower tariffs for its goods than its competitors in the American markets.
The minister did not elaborate about those circumstances, but the changing tariff landscape in the US has led to further negotiations about the first phase of bilateral trade agreement (BTA) between India and the US.
Goyal earlier this month met US Trade Representative Jamieson Greer on the sidelines of G20 trade mister meeting in Milwaukee. Both discussed trade pact-related issues.
Further, the minister said that negotiations for a trade pact with Canada are moving at a faster pace and talks for an agreement with South Africa-led SACU group will start soon.
Several countries are keen to negotiate trade agreements with India, he said adding talks with Mexico will be launched next week.
Goyal informed that the trade ministers of the UK and Canada will be visiting India next week. India and the UK implemented a trade agreement in July. The UK minister will be here for the India-UK Joint Economic and Trade Committee (JETCO) meeting.