- Commerce Minister Piyush Goyal is confident the first phase of India-US BTA will be operational soon
- India has completed initial BTA negotiations and awaits US action for competitive tariff advantages
- US Trade Representative’s investigations involve tariffs; India has actively participated in these probes
Commerce and Industry Minister Piyush Goyal expressed confidence that the first phase of the India-US Bilateral Trade Agreement (BTA) will be operationalised after the US provides Indian exports with a competitive tariff edge over neighbouring countries and ASEAN nations.
Speaking to reporters, Goyal said India has already concluded negotiations on the initial tranche of the BTA and is now awaiting the necessary steps from the US side.
ALSO READ | Lok Sabha Passes Examination Amendment Bill To Crack Down On Paper Leaks After NEET Outrage
"We have categorically expressed confidence that what we finalised with the US as the first tranche of the BTA will come into operation as soon as the US is able to ensure that India gets a comparative advantage over countries in our neighbourhood and the ASEAN region," he said.
The minister also referred to the ongoing trade investigations being conducted by the Office of the United States Trade Representative (USTR), noting that India has actively participated in the process.
"There is a Section 301 process being run by the USTR, and we have participated in that. Tariffs have already been imposed under one probe, while another investigation is currently underway," Goyal said.
He maintained that India would continue to capitalise on opportunities in the US market as long as its exporters retain a competitive tariff advantage over rival economies.
ALSO READ | Centre Steps Up Reform Push: Ministries Asked To Identify Measures, Submit Weekly Updates
"As long as we have a comparative advantage in terms of comparable duties, we will continue to leverage the opportunities available in the US market," he said.
When asked about reports suggesting the possibility of additional US tariffs linked to India's imports of Russian crude oil, Goyal declined to comment, saying, "I will not comment on speculation.”
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
