Goyal says India-US trade pact must reflect changed circumstances

India will finalise its proposed interim trade agreement with the United States in light of changed circumstances, Commerce Minister Piyush Goyal said. Negotiations on the first phase remain under way.

The minister addressed members of industry chamber PHDCCI in New Delhi on Saturday, October 10. Times of India and public broadcaster Akashvani reported his remarks. The countries announced a framework in February, but the American tariff landscape has since changed.

India is seeking terms that give its goods an advantage over products from competing countries in the US market. Goyal said the two sides were continuing work on the legal details needed to deliver the comparative advantage agreed earlier. Earlier this month, he discussed the proposed pact with US Trade Representative Jamieson Greer at the G20 trade ministers’ meeting in Milwaukee.

He also outlined negotiations with other countries and groupings, including Israel, Chile, the GCC and the EAEU. Talks with Canada were advancing more quickly, he said. His comments about further work on the US agreement do not amount to an announcement that a final document has been signed.