Commerce Minister Piyush Goyal said the India-US trade deal can't be implemented until India secures a competitive advantage. He stated that the key pending issue is ensuring India's duties are lower than those of competing nations.
Commerce and Industry Minister Piyush Goyal on Saturday said India cannot implement the proposed trade agreement with the United States until it secures a competitive advantage over competing nations, indicating that tariff-related issues remain the final hurdle in the negotiations.
India-US Trade Agreement
Responding to an ANI question on US Ambassador to India-designate Sergio Gor's statement that the India-US Bilateral Trade Agreement (BTA) is "99 per cent there", Goyal said the framework agreement has already been finalised, but implementation depends on resolving outstanding tariff concerns.
"We have finalised the framework agreement and announced it as well. The Supreme Court's order regarding tariffs came after that," Goyal said at a press conference at the BJP headquarters.
Explaining the pending issue, the minister said, "We cannot implement the FTA until we secure a competitive advantage. The issue currently pending is that our duties need to be lower compared to those of competing nations; once this is settled, the trade agreement will be implemented."
His remarks come amid continued efforts by both countries to conclude a bilateral trade pact aimed at expanding market access and strengthening economic ties.
Economic Outlook and Rupee Stability
On the recent depreciation of the Indian rupee, Goyal expressed confidence in India's economic outlook and said the currency would stabilise over time.
"The rupee will be back to the normal in the times to come. India will continue to becoming the fastest developing nation in the world," he said.
India's Growing FTA Network
The minister also highlighted India's trade engagement under Prime Minister Narendra Modi, saying the country has expanded its network of free trade agreements significantly over the past decade.
"Nine FTAs have been agreed under Prime Minister Modi's tenure with 38 countries," Goyal said.
El Nino and Farmer Support
Addressing concerns over a possible El Nino impact on agriculture, Goyal said the government is working on strategies to deal with the situation and pointed to continued support for farmers through fertiliser subsidies.
"The same rate in 12 years... the government gave 90 per cent subsidy," he said, referring to fertiliser support provided by the Centre.
'Viksit Bharat' Agenda
Looking ahead, the minister said the government's development agenda remains focused on building a developed India.
"Twelve years is just the beginning. We will do the development of the nation -- Viksit Bharat -- along with the people of India," Goyal said. (ANI)
(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)