Bilateral negotiations on the first tranche of the pact have reached their final stages following high-level diplomatic discussions between New Delhi and Washington. Commerce Minister Piyush Goyal assured that sensitive domestic sectors will remain shielded, even after past friction over Russian oil purchases and steep US import duties slowed momentum. A finalized accord aims to level export tariffs against regional manufacturing rivals like Vietnam while expanding broader strategic ties. In addition to commercial provisions, recent discussions between US Secretary of State Marco Rubio and External Affairs Minister S Jaishankar encompassed defense cooperation and energy security.
Key points
Indian negotiators are working to secure final tariff rates that match those granted to c…: Indian negotiators are working to secure final tariff rates that match those granted to competing manufacturing hubs like Vietnam.
Domestic officials maintain that the commercial terms will not undermine the vital intere…: Domestic officials maintain that the commercial terms will not undermine the vital interests of Indian farmers or local industries.
Both governments are nearing a final agreement with only a small number of unresolved ite…: Both governments are nearing a final agreement with only a small number of unresolved items remaining on the table.
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Goyal said he had not come across anyone who could find a flaw in any of the eight concluded free trade agreements (FTAs) whose details had been made public. He said the ninth, the proposed US free trade deal, was sometimes being politicised by certain elements, even though its details were not yet fully available.
“I don't know what they criticise, but I have the courage of conviction to announce that once details of the US trade deal are out, the people of India will celebrate that not a single sensitive interest of our farmers or any stakeholder has been compromised,” Goyal said.
“On the contrary, India will stand at a very strong comparative advantage. And trade is about comparative advantage,” he added.
Goyal's remarks come as both countries work towards finalising the proposed trade agreement.
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