Mumbai: Union Minister Piyush Goyal on Thursday said that the ongoing trade talks between Indian and US officials are progressing well, but at the same time, ruled out any deadline for signing a deal.
Commenting on US Deputy Trade Representative Rick Switzer’s two-day visit to Delhi, Goyal said: “We had very good substantive discussions. But I have said on record that a deal is only done when both sides stand to benefit. We should never negotiate with deadlines because you tend to make mistakes then.”
“Negotiations are progressing well. We’ve had substantive discussions over several rounds of negotiations. In the past, I think five rounds have happened. The current visit is not a negotiating round. The current visit is being undertaken by a new deputy United States Trade Representative (USTR) who has joined about three months ago. It’s his first visit to India. We’re getting to know each other.”
India’s Commerce Secretary Rajesh Agrawal and US Deputy Trade Representative Switzer held discussions here on Wednesday on the proposed bilateral trade agreement between the two countries.
“The two sides exchanged views on matters related to India-US trade and economic ties including on the ongoing negotiations for a mutually beneficial Bilateral Trade Agreement,” the Commerce Ministry said in a post on X.
Commerce Secretary Agrawal said last month that India and the US are “nearing closure” of their talks for signing the first tranche of the proposed Bilateral Trade Agreement.
Agrawal told journalists that the two countries have been holding regular virtual rounds of talks on the BTA. Although no formal deadlines can be set on the issue, the first stage of the trade talks is progressing swiftly, he added.
US President Donald Trump sent positive signals on strengthening US-India relations in November, raising fresh hopes that a bilateral trade agreement between the world’s two largest democracies could be signed soon.
Trump told reporters at the White House that his talks with Indian Prime Minister Narendra Modi were “going great” and that a visit to Delhi could take place next year.
He said that he plans to “lower tariffs” imposed on India “at some point”, indicating that a breakthrough in the trade talks could come soon.
However, India has made it clear that it would not compromise on the interests of farmers, the dairy sector, and workers in trade deals that it signs with other countries.
India has already started buying more oil and gas from the US. The move is aimed at reducing India’s trade surplus with the US, an issue that had figured in the earlier rounds of trade talks.
(IANS)
