India’s trade talks with EU, US at advanced stage: Piyush Goyal

Commerce and Industry Minister Piyush Goyal said on Friday that India is at an advanced stage of discussions with both the European Union and the US for trade deals. 

"We are at the advanced stage of discussions with both the EU and US for trade deals," said Piyush Goyal at a media event here.

Goyal said that India today negotiates with advanced countries and is keen to contribute to their future as we would like them to contribute to our future for a Viksit Bharat.

“Every agreement stands on the comparative advantage India will have vis-a-vis its trading partner. It is not only about tariffs. We have set a target of doubling our trade in goods and services with the US to $500 billion by 2030,” he added.

Goyal also said there is a huge appetite worldwide for trading with India and several countries are looking at opportunities. Chile and Peru, which are rich in critical minerals, and Oman are other countries that on the verge of signing trade deals with India.

The US has imposed a 25 per cent penal tariff on India for purchasing oil from Russia, which is in addition to the 25 per cent reciprocal tariffs on Indian goods entering American markets.

India has described these duties as "unfair, unjustified and unreasonable.

Earlier this month, the minister said on national broadcaster Doordarshan that India and the US were making progress in their trade negotiations

"We are in dialogue with the United States of America. Our teams are engaged. We recently had the commerce secretary visit the US, and he met with his counterparts. We continue to engage with them, and talks are progressing. We hope to work towards a fair and equitable agreement in the near future," Goyal said

However, at the same time, the minister has also stated that India will not rush into any trade agreement as it wants to go in for a fair and equitable deal with its partner countries and not one that restricts its trading choices.

The Commerce Minister’s comment came in the backdrop of the ongoing India-US trade talks. India is also negotiating a free trade agreement with the European Union, with differences remaining over market access, environmental standards and rules of origin.

“Trade deals are for a longer duration. It's not only about tariffs, it's also about trust and a relationship. Trade deals are also about businesses,” he explained.

"India will not sign any trade deal in a hurry," Goyal said, referring to European concerns over India's continued purchases of Russian oil.

Picture Courtesy: IANS