Minister of Commerce and Industry Piyush Goyal announced on Saturday that although the US and India declared in February that they had reached a framework for a temporary trade agreement, the situation has changed, and the final version of the pact will be formulated taking these changes into account.
Goyal also specified that trade negotiations are underway with several regions, including Israel, Chile, the Gulf Cooperation Council (GCC), and the Eurasian Economic Union (EAEU) led by Russia.
Addressing members of the PHDCCI industrial chamber, Goyal noted: 'It was announced in February. Some circumstances have changed; the final decision will be made considering this.' He added that India seeks to obtain lower tariffs on its products compared to competitors in American markets.
The minister did not disclose the details of these circumstances, but the changing tariff landscape in the US has prompted further discussions on the first phase of the bilateral trade agreement (BTA) between India and the US.
Earlier this month, Goyal met with US Trade Representative Jamison Greer during the G20 trade ministers' meeting in Milwaukee. During this meeting, they discussed issues related to trade pacts.
Furthermore, the minister stated that negotiations for a trade agreement with Canada are progressing faster, and discussions on an agreement with the SACU group, led by South Africa, will begin soon. He also reported that talks with Mexico will start next week, as many countries are interested in concluding trade agreements with India.
Goyal informed that the ministers of trade from the UK and Canada will visit India next week. India and the UK already implemented a trade agreement in July, and the UK minister will visit to participate in the India-UK Joint Economic and Trade Committee (JETCO) meeting.
Goyal criticizes the opposition
The federal minister sharply criticized Congress leader Rahul Gandhi for his statements after meeting with President Droupadi Murmu. Goyal called the behavior 'unacceptable' and stated that Gandhi insulted the President, noting it as a 'sense of anarchy'. He also added that opposition leaders behaved inappropriately towards security personnel.
The delegation of INDIA bloc leaders met with President Murmu on Friday evening and presented her with a memorandum regarding alleged 'vote theft'. After this meeting, Gandhi stated that he was shocked that the President did not refute the accusation of 'election rigging' and 'accepted' the allegations of the opposition leaders.