'India-US Talks Progressing Well, Bilateral Trade Taking Priority Over...': FM Sitharaman

Finance Minister Nirmala Sitharaman on Saturday said that trade talks with the US is progressing well. Her comment comes ahead of the US President Donald Trump’s country-specific tariffs scheduled to take effect from Aug. 1. During a book release programme in the national capital, FM Sitharaman said the trade talks with both US and UK are shaping well.

“I can’t comment if the bilateral trade is good or bad, but we are moving forward on bilateral. Negotiations with the US, European Union (EU) are progressing well,” said FM Sitharaman. She added that discussions on the bilateral trade deal is taking priority over multilateral trade deals.

"On the bilateral trade front we are moving forward and we have seen bilateral agreements been signed in the last four-five years with Australia, UAE and the UK. Negotiations are progressing well with the United States as well as the EU," said the union finance minister today.

Earlier, Trump said that his administration will have most of its trade deals with countries finished by Aug 1. During a press availability at the White House, Trump also said his administration might send close to 200 countries a letter on their tariff rate, which he said means, “They have a deal. It’s done.”

“Aug. 1 is going to come, and we will have most of our deals finished, if not all,” Trump told reporters before embarking on a trip to Scotland, Yonhap news agency reported. “When those letters go out … the page and a half … That means they have a deal. It’s done,” he said. “They pay that tariff and that is the contract essentially.”

Meanwhile, India this week signed free trade agreement (FTA) with UK. Commerce and Industry Minister Piyush Goyal hailed the India-UK free FTA called it as a ‘game-changing’ deal that provides immense opportunities and benefits to farmers, businessmen, MSME sectors, young professionals and fishermen.

“India’s Cabinet has already approved the India-UK FTA and now after UK’s parliament ratification process is completed, the agreement will be operational,” he said at a press briefing. According to the Commerce Minister, of all the FTAs India has signed, the one with the UK is the “biggest, most comprehensive, and most important”.