India-US trade deal will keep changed circumstances in mind: Goyal
What's the story
Commerce and Industry Minister Piyush Goyal has said that the India-US trade pact will be finalized in line with changing circumstances. The announcement comes after a framework for an interim trade agreement was announced in February. Goyal made the statement while addressing members of industry chamber PHDCCI on Saturday.
Global discussions
Ongoing trade negotiations
Along with the US, India is also negotiating trade pacts with Israel, Chile, the Gulf Cooperation Council (GCC), and the Russia-led Eurasian Economic Union (EAEU).
Goyal said these discussions are ongoing as India aims to secure lower tariffs for its goods in the American market.
The minister did not elaborate on the changed circumstances but hinted at a shifting tariff landscape in the US.
Ongoing talks
Meeting with US Trade Representative
Earlier this month, Goyal met US Trade Representative Jamieson Greer on the sidelines of a G20 trade ministers' meeting in Milwaukee.
The two discussed issues related to the trade pact.
Despite the challenges, India is hopeful of finalizing the deal as it continues to negotiate with other countries and regions for favorable trade agreements.
Rapid progress
Rapid progress in Canada trade talks
Goyal also said that negotiations for a trade pact with Canada are progressing rapidly.
Talks for an agreement with the South Africa-led Southern African Customs Union (SACU) group will begin soon.
This shows India's commitment to expanding its global trade network and securing favorable terms for its goods in international markets.
Upcoming visits
UK, Canada trade ministers to visit India next week
Goyal also revealed that trade ministers from the UK and Canada will be visiting India next week.
This comes after India and the UK implemented a trade agreement in July.
The upcoming visit by the UK minister will be for the India-UK Joint Economic and Trade Committee (JETCO) meeting, further strengthening bilateral trade relations between these nations.