Union Commerce and Industry Minister Piyush Goyal has said India will not rush into finalising its trade agreement with the United States merely to meet an artificial deadline, stressing that New Delhi will prioritise securing the best possible deal for domestic industries and exporters.
Goyal said negotiations on the India-US free trade agreement had been concluded and that both sides were now working on fine-tuning the first tranche of the proposed bilateral trade agreement.
The Commerce Minister said India was awaiting clarity from the United States on the framework for preferential tariffs for Indian exports. The issue has gained importance amid continued uncertainty surrounding US tariff policies.
According to Goyal, preferential market access is essential for any trade agreement to be beneficial. India wants tariffs on its exports to the United States to remain lower than those faced by competing countries, helping Indian businesses maintain a competitive advantage in the American market.
“Given the uncertainties on tariffs in the United States, we are waiting for the US to provide the necessary framework under which India will get a preferential tariff for our exports to the US,” Goyal said.
He added that India and the United States remained in regular contact and were working towards a fair, equitable and balanced first tranche of the bilateral trade agreement. Goyal said he had recently spoken with his US counterpart and that both sides were committed to moving the process forward.
Making India's negotiating position clear, Goyal said the government would not compromise simply to conclude the agreement within a fixed timeline.
“We never negotiate with a deadline until we get the best deal for our farmers, fishermen, MSMEs, startups, women entrepreneurs, for our youth,” he said.
The minister's remarks come as uncertainty continues over US tariffs and the timeline for completing the first phase of the India-US trade agreement.
Goyal said India would continue to protect the interests of key domestic sectors while pursuing a mutually beneficial trade partnership with the United States. The government remains focused on ensuring that the proposed agreement improves market access for Indian exports without undermining the interests of farmers, small businesses, startups and other important sectors of the economy.
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