The Union Minister of Commerce and Industry, Piyush Goyal, stated on Friday that negotiations between India and the US regarding the trade agreement have reached an important stage. He clarified that discussions on the free trade agreement between the two countries are concluded, and work is currently underway to finalize the first part of this agreement.
India is interested in receiving tariff reductions from the US. The government aims to ensure more favorable access to the American market for Indian goods compared to goods from other countries.
Piyush Goyal emphasized that India will not agree to terms under pressure of set deadlines. He noted that the government will not make hasty decisions that could harm the country's interests. Priority will be given to the interests of farmers, fishermen, small entrepreneurs, startups, women entrepreneurs, and youth.
Goyal explained that India is not negotiating to meet any deadline. First and foremost, it is necessary to determine which agreement is best for the country, and only then will a final decision be made.
The minister also stated that the trade agreement will only be beneficial for India if Indian products receive an improved and lower tariff regime in America. Currently, the situation with American tariffs remains unclear, so India awaits the necessary structure from the US.
He added that India desires its goods to have lower duties than those of countries that are competitors of India in the American market. Agreement has been reached between the two countries on this matter, and negotiations continue.
The Commerce Minister mentioned that he recently met with his American counterpart. Both sides aim to make the first part of the trade agreement impartial and balanced, ensuring consideration of the interests of both nations. Furthermore, he stressed that India's goal is not only to increase trade but also to protect the interests of domestic industries and ordinary citizens, so the government is carefully examining every aspect.
Negotiations on the proposed trade agreement between India and the US have been ongoing for a long time. Questions about the agreement's timeline arose due to uncertainty in American tariff policies. However, Goyal's statement clearly shows that India will make its final decision based on its interests, not haste.