Highlight
- During the Trump administration, India and the US had discussed a mini trade deal to boost economic ties.
- The US is not considering a free trade agreement (FTA) with any new partner.
- Piyush Goyal said that talks are on for a trade deal with Canada and the European Union as well.
Commerce and Industry Minister Piyush Goyal has said here that India would be “happy and willing” to negotiate a trade deal with the US, provided the US decides to seek a new free trade partner. He said the US administration is not considering a free trade agreement (FTA) with any new partner as a policy. “Should they change their mind, India will be happy and ready for discussion. Even without that, we are engaged in attracting investment, technology, trade between the two countries,” the minister told reporters here. During the Trump administration, India and the US had discussed a mini-trade deal to boost economic ties.
Meanwhile, addressing the US India Strategic Partnership Forum (USISPF), Goyal said that talks are on for a trade deal with Canada. “Canada (Mary Ng, Minister of International Trade) and I am very confident that we will be done with our initial progress trade agreement by December,” he said. On the proposed India-Israel agreement, the minister said: “I still don’t think, we have found a good enough deal or offer that is attractive because of their low population size and their reluctance to open up on services…”.
Goyal said that talks are on with the European Union as well. “There are 27 countries (in the EU bloc), so it will take longer… India is starting discussions on topics like never before, gender, environment, SMEs, labor and anti-corruption laws.” I am sharing this Just to tickle and stir your imagination (so that) the US government can reconsider its new FTA policy. So that they don’t miss the bus.”
India is negotiating all these trade agreements to boost the country’s exports and generate employment in the domestic market. It aims to take exports of goods and services to US$ 2 trillion by 2030. Asked about the minister’s discussions with private equity funds and venture capital funds here, he said there is a lot of interest in India. “One of the points raised by one of the companies looking to expand investment in India was the direct selling rule in the Consumer Protection Act. So, I have assured him that, very soon I will look into that,” Goyal said. Holds a consumer affairs portfolio, said. “We will try to solve it soon,” he said, adding that there was a lot of interest about knowing the potential location for the semiconductor industry in India.
The Union Minister is visiting San Francisco and Los Angeles from September 5-10 to attend the India-US Strategic Partnership Forum Summit and the Indo-Pacific Economic Framework (IPEF) Ministerial Meeting. Goyal also paid floral tributes to Mahatma Gandhi here and visited the Gadar Memorial Hall.
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