- India-US trade deal is near completion with key issues mostly resolved, says Goyal
- India-UK free trade agreement to come into force on July 15, enabling new export chances
- India-EU trade pact legal review expected to finish within 10 to 12 days
India's proposed trade agreement with the US is in its final stages, with most key issues resolved and both sides working towards a deal that gives India a competitive edge over its peers, Commerce Minister Piyush Goyal said on Thursday. He also said the India-UK free trade agreement will come into force later this month, while the legal review of the India-EU pact is expected to be completed within the next two weeks.
Speaking at the NDTV Indo-Japan Strategic Dialogue, Goyal said he does not foresee any major hurdles in concluding the US trade agreement despite recent legal and policy developments in Washington.
"We don't see any difficulties with the US," Goyal said, adding that "concessions and other elements have largely been finalised." He said India has consistently sought preferential market access over competing nations, a position that has been understood by the US administration.
Following the US Supreme Court's decision to strike down tariffs imposed under the International Emergency Economic Powers Act (IEEPA), Goyal said Washington is now working on an alternative mechanism that would preserve India's competitive advantage. He added that US Trade Representative Jamieson Greer has acknowledged India's position during negotiations.
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Goyal said the only real challenge during the negotiations had been the time difference between the two countries. "The only nightmare experience with the US has been the time difference," he remarked, while adding that discussions had otherwise remained constructive.
Despite higher tariffs, India's exports to the US have remained resilient. Goyal said bilateral trade has continued to grow and projected that India's merchandise exports in the April-June quarter will rise about 15% year-on-year.
On other trade negotiations, the minister said the India-UK Free Trade Agreement will take effect on July 15, opening up new opportunities for Indian exporters.
Goyal also said the legal scrutiny of the India-European Union Free Trade Agreement is expected to conclude within 10 to 12 days, after which it will move through the approval process. He expressed confidence that the agreement could come into force before the end of the year, noting that all 27 EU member states support the pact and that no country has opposed the negotiations.
The minister also highlighted the strategic importance of Japan in India's economic ambitions. While investment has historically been the cornerstone of bilateral ties, he said the next phase of the relationship should focus on expanding trade, technology partnerships and skilled workforce mobility, describing Japan as a key partner in India's long-term growth strategy.
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