New Delhi, July 2: Union Commerce and Industry Minister Piyush Goyal announced on Thursday that negotiations for the India-U.S. Bilateral Trade Agreement (BTA) have entered their final phase. Most key issues have been agreed upon, and both nations are working towards a deal that will provide India with a competitive advantage over its rivals.
Speaking at the Indo-Japan Strategic Dialogue, Goyal expressed confidence that recent legal and policy developments in Washington would not pose significant obstacles to the trade agreement.
“We do not foresee any difficulties with the U.S.,” he stated, adding that consensus has been reached on concessions and most other aspects. He emphasized that India has consistently sought better market access compared to its competitors, a stance that the U.S. administration has understood.
Following the U.S. Supreme Court‘s recent decision to revoke tariffs imposed under the International Emergency Economic Powers Act (IEEPA), Goyal noted that the U.S. is preparing an alternative framework to maintain India’s competitive edge.
He mentioned that U.S. Trade Representative Ambassador Jamieson Greer has acknowledged India’s position during the negotiations.
Despite higher tariffs, Goyal highlighted that India’s exports to the U.S. remain robust, with trade between the two countries continuously growing. He projected that India’s merchandise exports during the April-June quarter will increase by approximately 15% compared to the same period last year.
The Commerce Minister also announced that the India-UK Free Trade Agreement (FTA) will come into effect on July 15, opening new opportunities for Indian exporters in the UK market.
He further stated that the legal review of the India-European Union (EU) Free Trade Agreement is expected to be completed in the next 10 to 12 days, after which it will move into the approval process.
Goyal expressed optimism that this agreement will be implemented by the end of the year, as all 27 EU member states support it, with no objections raised during negotiations.
Emphasizing India-Japan relations, Goyal noted that investment has been the cornerstone of their partnership thus far. However, he stressed the need to expand this collaboration into trade, technology cooperation, and skilled workforce development.
He affirmed that Japan is a crucial strategic partner in India’s long-term economic growth strategy, and both countries should accelerate efforts in new areas of cooperation.
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