India Seeks to Finalise Bilateral Trade Agreement with US by November 2023, Says Piyush Goyal

Commerce and Industry Minister Piyush Goyal expressed optimism about finalising a bilateral trade agreement with the US by November. He noted that geopolitical issues had temporarily overshadowed trade discussions. "I do hope that things will get back on track soon and we will conclude a bilateral trade agreement by the fall, November or so, as was discussed by our two leaders in February," Goyal stated at the Annual Global Investor Conference 2025 in Mumbai.

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India has already established free trade agreements with Australia, the UAE, Mauritius, the UK, and the EFTA bloc. Goyal highlighted ongoing dialogues with the US regarding a bilateral trade agreement. The negotiations began in March, and five rounds have been completed. However, a planned visit by a US team in August was postponed due to a new 50 per cent duty on Indian goods.

India-US Trade Talks Progress

The sixth round of talks between India and the US has not yet been scheduled. Both nations aim to finalise the first phase of their trade agreement by autumn. The goal is to increase bilateral trade in goods and services to USD 500 billion by 2030 from the current USD 191 billion. Despite tensions, Treasury Secretary Scott Bessent remains hopeful about resolving issues.

Bessent commented on India's relationship with Russia, noting that India has been purchasing Russian oil. He remarked, "I think at the end of the day, two great countries India and the US will get this solved." India defends its oil purchases as being driven by national interest and market dynamics.

India-EU Trade Negotiations

Goyal also discussed progress on the India-EU free trade agreement. Talks are advancing significantly, with Commerce Secretary Sunil Barthwal currently in Brussels for discussions. The 13th round of negotiations is set to begin on September 8. European Commissioner for Trade Maros Sefcovic may visit India next month to assess progress.

The EU accounts for about 17 per cent of India's exports, while India's imports make up 9 per cent of EU's total exports. Negotiations resumed in June 2022 after an eight-year hiatus due to market access disagreements. The talks cover various areas including goods and services trade, investment protection, and geographical indications.

Prime Minister Narendra Modi and the European Commission President agreed to finalise a free trade deal by year-end. The negotiations encompass 23 policy areas such as sanitary measures, technical barriers, customs facilitation, intellectual property rights, and sustainable development.

Goyal emphasised India's self-reliance in supply chains, stating that India is not dependent on any country for its needs. This independence is part of making India Atmanirbhar and boosting confidence among its youth to face global challenges.

With inputs from PTI