India to finalize US trade deal after getting preferential edge
What's the story
Commerce and Industry Minister Piyush Goyal has said that India will finalize its proposed trade deal with the US once Washington provides a preferential tariff advantage to Indian exporters. Speaking at the National Workshop on Leveraging FTAs - Outreach Programme, Goyal emphasized that India's tariff rates under trade agreements should either be better than those offered to competitors or reduced to zero.
Deal finalization
Key sticking point in India-US trade talks
Goyal said, "As soon as the US gives us preferential edge, we'll finalize the BTA and announce the trade deal."
His remarks come as India and the US continue to negotiate a broader Trade Agreement.
He had earlier said that while most of the agreement is settled, a key sticking point remains ensuring Indian exporters have an edge over competing economies.
Export competition
India's strong export performance
The tariff advantage is particularly vital for India as its exporters compete with manufacturing hubs like Vietnam and other Asian economies for access to the US market.
Goyal also highlighted India's strong export performance, noting that exports stood at $317 billion between April and July this year.
He expects exports to pick up further around Christmas and peak in the final quarter of the year.
Export goals
Ambitious target of $2 trillion in exports by 2030
The Indian government has set an ambitious target of $2 trillion in exports by 2030, highlighting its commitment to expanding India's footprint in global markets.
Goyal also announced that the India-New Zealand and India-EU FTAs will be operational soon, possibly opening new market-access opportunities for Indian businesses.
He also stressed that India wouldn't become a transshipment hub and would not resort to illegal means to boost exports.