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Talks on free trade agreement between India and America have again intensified. Commerce Minister Piyush Goyal said that if America finds India’s proposal the best so far, then it should immediately sign the FTA. He declined to say what India has offered, but said that five rounds of talks have been completed.
New Delhi. Commerce and Industry Minister Piyush Goyal said that if America really liked the proposal given by India, then it should sign the free trade agreement without any delay. Goyal welcomed the fact that the Trump administration is describing the Indian offer as the best so far, but declined to comment on any timeline for the agreement. Goyal was responding to US Trade Representative Jamieson Greer’s comment that India has also shown a very progressive stance on many sensitive products like corn, soybean, wheat, cotton and meat. Greer had said in the Senate hearing that India’s current offer is the best offer America has received so far.
Goyal told reporters that if America is so happy then it should sign immediately. However, he avoided telling what exactly India had offered. He simply said that five rounds of talks have been completed so far and further talks will proceed only when both the countries see equal benefits.
What did you say about Switzerland’s visit?
Goyal also clarified that the visit of US Deputy Trade Representative Rick Switzer to India is not a part of any new round of talks. According to him, this meeting is an effort to increase understanding between the teams from both sides. Switzer held two-day talks with the Indian team which was led by Commerce Secretary Rajesh Aggarwal.
PM’s conversation with Trump
Meanwhile, there was also a phone conversation between Prime Minister Narendra Modi and US President Donald Trump in which trade, energy, defense and increasing economic cooperation were discussed. This conversation took place at a time when both the countries are trying to finalize the first phase of the bilateral trade agreement.
There is a heavy tariff on India
The impact of American tariffs is also an important part of this entire process. The Trump administration has imposed a total duty of up to 50 percent on Indian goods. Initially 25 percent duty was imposed on India’s trade surplus and later an additional 25 percent duty was added citing the purchase of Russian oil as the reason. These duties have had a direct impact on India’s total exports. On Chief Economic Advisor V Ananth Nageswaran’s statement that the FTA could be signed by March next year, Goyal said he was not aware of the comment and it would not be right to target any date. According to him, hasty scheduling often leads to mistakes.
