Union Minister Piyush Goyal has stated that India is in the process of negotiating Free Trade Deals with several countries, including the US, European Union, and Oman. The government is focusing on developed nations.
India-US Trade Deal: Union Minister of Commerce and Industry, Piyush Goyal, has said that India is actively negotiating Free Trade Agreements (FTA) not only with the United States but also with countries like Oman, the European Union, Chile, Peru, and New Zealand. He also clarified that every agreement has its own process, but the government's focus is on countries that complement India's economy. Furthermore, he expressed confidence that India is ready to turn every challenge into an opportunity.
Rapid Negotiations on FTA with the US
Union Minister Piyush Goyal has stated that negotiations between India and the United States regarding a Free Trade Agreement are ongoing and progressing rapidly. Although no final agreement has been reached yet, several rounds of discussions have taken place between the two countries, and significant progress is expected in this direction in the future.
He also mentioned that uncertainty remains regarding Reciprocal Tariffs with the US, but a delegation of American officials is scheduled to visit India in mid-August to further discuss this. This is expected to give a new direction to the long-pending trade deal.
Agreement with Oman Almost Finalized
Piyush Goyal also informed journalists that the Free Trade Agreement with Oman has been almost finalized. This agreement is considered strategically important for India, as Oman is a key country in the Gulf region and has a b Indian community presence.
Preparations for Deals with the EU and Other Countries
Minister Goyal also stated that India is negotiating a comprehensive Free Trade Agreement with the European Union (EU). The pace of this negotiation is rapid, and India's priority is to make agreements with countries that are complementary to its needs and products.
India is also discussing Free Trade Agreements with countries like New Zealand, Chile, and Peru. Agreements with these countries will help India increase exports in agriculture, textiles, and other sectors.
Focus on Larger Markets After Deal with UK
Piyush Goyal's comment comes at a time when a new round of talks between India and the United Kingdom (India-UK Trade Deal) has been completed. After this, the Government of India is now focusing more on strengthening economic relations with developed countries.
Goyal clarified that India will only make trade agreements with countries whose economies do not pose a threat to India but are complementary to India's production capacity and services. Such agreements open new avenues for export and investment while protecting the country's economic interests.
India's Clear Stance on CBAM
India's opposition to the Carbon Border Adjustment Mechanism (CBAM) proposed by the European Union has been consistently voiced. Piyush Goyal described it as a unilateral tax system, saying that it would increase costs in European countries and affect their own trade. He said that India is not afraid of such policies. Rather, we are ready to turn every challenge into an opportunity. CBAM is being reconsidered, and India will continue to bly present its case.
