Union Commerce and Industry Minister Piyush Goyal said on Tuesday that India is negotiating a bilateral trade agreement (BTA) with the United States, though no dates have yet been finalised for the sixth round of discussions.
“We are in dialogue with the US for a BTA,” Goyal said at an industry chamber event on sustainability in Delhi.
India and the US have been engaged in negotiations on a trade and tariff pact since March, completing five rounds so far. The sixth round, scheduled for August 25, was postponed after Washington imposed a 50 per cent duty on Indian goods from August 27. Following the move, the US negotiating team deferred its visit to India.
Goyal noted that while talks with the US remain on hold, India continues to expand its trade partnerships elsewhere. “We are entering into newer trading arrangements with the European Union, Chile, Peru, New Zealand, the second tranche of Australia, and Oman — all of these are FTAs. Lots have happened, lots more to go. With the US, we are in dialogue for a bilateral trade agreement,” he said, adding that India’s growing economic relevance accounts for “18 per cent of global growth.”
Emphasising India’s commitment to sustainable development, Goyal said competitiveness would only improve by pursuing green pathways.
“It is unfortunate that certain important players, certain important countries, have chosen to forego the agenda of sustainability. India continues to remain committed to our sustainability goals. We believe our competitiveness will only get better with a sustainable pathway,” he said.
Goyal also observed that relations between India and China are “gradually moving towards normalcy,” days after Prime Minister Narendra Modi and Chinese President Xi Jinping met on the sidelines of the Shanghai Cooperation Organisation (SCO) summit.
“This was an SCO summit, where all the members participated. We had a problem in Galwan, which caused a blip in the relationship. As the border issues get resolved, the situation returning to normal is a very natural consequence,” he said.
During their meeting, Modi and Xi agreed to work towards a “fair, reasonable and mutually acceptable” settlement of the border dispute and to deepen trade and investment ties, recognising their role in stabilising global commerce.
Currently, foreign direct investment (FDI) proposals from countries sharing land borders with India, including China, require prior government approval under Press Note 3 (PN3), a rule introduced in April 2020.
