Goyal said there have been five rounds of negotiations with the US so far. He added that the ongoing visit of US Deputy Trade Representative Rick Switzer is not focused on negotiations but on strengthening engagement between the two sides
Union Commerce Minister Piyush Goyal speaks during the ‘Italy-India Business Forum’, in Mumbai, on Thursday. Pic/PTI
The United States (US) should sign the free trade agreement (FTA) with India on the “dotted lines” if Washington is satisfied with New Delhi’s offer, Commerce and Industry Minister Piyush Goyal said on Thursday, news agency PTI reported.
Reacting to US Trade Representative Jamieson Greer’s remarks in Washington that the US had received the “best ever” offer from India, Goyal said, “His happiness is very much welcome. And, I do believe that if they are very happy, they should be signing on the dotted lines.”
He, however, declined to disclose the details of India’s proposal.
The minister refrained from specifying a timeline for the long-awaited trade agreement.
“A deal is only done when both sides stand to benefit. And I don’t think we should ever negotiate with deadlines or hard stops because you tend to make mistakes then,” he said, noting that negotiations with the US are progressing well.
Goyal said there have been five rounds of negotiations with the US so far. He added that the ongoing visit of US Deputy Trade Representative Rick Switzer is not focused on negotiations but on strengthening engagement between the two sides.
“I had substantial discussions with him,” Goyal said.
The two-day talks led by Switzer and India’s Commerce Secretary Rajesh Agrawal concluded on Thursday, PTI reported.
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The discussions covered India-US trade and economic ties, including ongoing negotiations for a mutually beneficial bilateral trade agreement (BTA). Officials said that Prime Minister Narendra Modi also spoke with US President Donald Trump on Thursday, focusing on enhancing economic ties, trade, critical technologies, energy, defence, and security.
When asked about Chief Economic Advisor V Anantha Nageswaran’s remark that the pact could be signed in March next year, Goyal said he was unaware of the comment and declined to set any timeline.
Greer, speaking at a Senate Appropriations Subcommittee hearing in Washington earlier this week, noted challenges on certain US row crops and other products.
“They have been very difficult nuts to crack… but they have been quite forward-leaning. The type of offers they have been talking to us about… have been the best we have ever received as a country,” he said.
The talks come amid steep US tariffs on Indian goods—25 per cent initially, with an additional 25 per cent on Indian imports related to Russian crude purchases. The tariffs have affected Indian exporters, as the US accounts for around 18 per cent of India’s exports. Resolution of these tariffs is seen as critical for finalising the first phase of the trade deal.
As part of the agreement, the US is seeking duty concessions on agricultural products such as almonds, corn, and apples, along with industrial goods. India has maintained it will not compromise the interests of farmers and MSMEs, strongly opposing concessions on agri and dairy sectors.
(With PTI inputs)
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