Negotiators draft trade text as Goyal asserts India’s independent trade stance
The India US trade deal discussions continue as both nations aim to strengthen economic ties and reduce persistent trade barriers. Commerce Minister Piyush Goyal, however, was clear that India would not enter into any deal under pressure or at gunpoint.
India US Trade Deal Negotiations Nearing Conclusion
Senior government officials have stated that India-US trade negotiations are showing “political convergence” after several rounds of telephonic negotiations. The discussions have addressed key sectors, including Agriculture, tariffs, and non-tariff barriers. Officials had confirmed as well that most points had been agreed to on both sides, and now both sides are negotiating the language of the text for final intents and purposes.
The US negotiators might be able to visit India for in-person negotiations in the near future, officials said. Teams had virtual meetings yesterday, and there are more meetings scheduled for Monday. We have achieved significant convergence around key points,” the official said.
Finding Common Ground on Agriculture and Tariffs
Previous tensions over farm exports and petroleum trade had delayed progress, but both sides are now seeking compromises. The Indian side emphasized that negotiations are progressing well, and further understanding was achieved in key areas such as bilateral tariff negotiations and access to markets in key sectors.
Officials also stressed that the trade agreement is not going to be done in the familiar Free Trade Agreement (FTA) model. “It won’t be a normal FTA as it will also include MFN-excepting reciprocal tariffs,” one official explained. This may provide each country with latitude to make exceptions and react to some of the special trade issues facing each country.
Goyal Reaffirms Independence Amid India US Trade Deal Talks
In addressing the Berlin Global Dialogue in Germany, Minister of Commerce, Piyush Goyal, reiterated that India’s trade policy will not be hurried. “We do not sign deals with deadlines or with a gun to our head,” Goyal said firmly.
He highlighted that India would only do trade for the long term and out of national interests. We are in active discussions with the US and the EU and will continue to do so. But together, India will never consider moving without consideration for long-term interest or under pressure from outside, Goyal said.
India’s Global Trade Promises
Goyal said India is seeking new markets to diversify trade and counter high tariffs and global volatility. When asked whether trade was being undermined in negotiations, Goyal answered that India’s foreign policy is still grounded in freedom. India has never chosen friends with any expectations from outside. We make choices only on the basis of our national interest,” he said.
He also questioned double standards in the sanctions process. It has been reported that German and British negotiators received exemptions from US oil sanction rules, so why does the same government sanction India? said Goyal. Goyal’s remarks were made after the US subjected Indian imports of Russian oil to tariffs and sanctioned the significant oil producers in Russia, Rosneft and Lukoil.
Long-Term Views of Trade Relations
Goyal ended by repeating that trade agreements are about more than tariffs and market access.” Trade agreements are about long-term trust and not short-term pressure,” he indicated. India and the US, he added, share a strong commitment to democratic values, which he believed should be central to the two countries’ future economic partnerships. The India-US trade agreement is in its 5th round of negotiation since the process began in March. Officials remain hopeful of an agreement between the two countries.
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