Negotiation for a trade agreement is a process and India has to secure the interests of its farmers, fishermen and small industry, Goyal said at the Indo-US Economic Summit, organised by the Indo-American Chamber of Commerce here.
“(We) have to secure the interests of our stakeholders, businesses and balance it with our sensitivities with the farmers, with the fishermen, with small industries. When we find the right balance, rest assured we will get outcomes on this…When the deal will become fair, equitable and balanced, you will hear good news,””Goyal said.
India and the US have been negotiating the proposed bilateral trade agreement since March. So far six rounds of negotiations have been completed.
The minister said there is no cause for concern regarding the bilateral relationship, stressing that the two countries have a strong partnership rooted in democracy, diversity and a shared developmental vision.
The US has hit India with 50% tariffs, including a 25% penalty for importing Russian oil.”Sometimes there is a bit of bickering in the family,” he said, adding: “I do not believe there is any hiatus in the relationship. It continues to be very, very important, very strategic for both countries.”
Goyal also hinted that India’s LPG import deal with the US may be a multi-year agreement, saying the friendship between the two nations is enduring and partnership ever growing.