Piyush Goyal: Approaching future trade relationship with the US with an open mind

Commerce and Industry Minister Piyush Goyal has said that India is approaching its future trade relationship with the United States with an “open mind, a positive outlook and the confidence that the India-US relationship is very consequential and very important to both the countries.”

The statement comes weeks after the world’s largest economy levied 25% tariffs on exports from India, and days before 25% additional tariffs are going to be imposed. Stating that the bilateral trade relationship is important for both the countries and engagement is continuing at many levels, the Minister said that he is engaged with the industry in India as well as the companies from the US working here.

Urging the industry to share actionable feedback to reduce compliance burden and enhance competitiveness, the Minister refused to link India’s relations with China with the trade talks with the US.

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Speaking at the Economic Times World Leaders Forum in New Delhi, the Minister stressed that India’s trade negotiations will always be anchored in national interest and industry priorities.

The visit of the American trade delegation for the 6th round of negotiations for a Bilateral Trade Agreement (BTA), earlier slated from 25th to 29th August, has been delayed even as India has refused to open its dairy and agriculture sector as part of the proposed BTA.

Highlighting regular engagement with the European Union and fast-track discussions for several other FTAs, he defended the government’s decision to issue Press Note 3 to scrutinise investments from countries having a land border with India. He noted that the instrument doesn’t ban Foreign Direct Investment (FDI) but was aimed to stop opportunistic takeover of Indian companies when their valuations fell sharply due to the COVID pandemic. He assured that FDI aligning the country’s vision on technology and supply chain integration has and will continue to get approved.

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