“The EU FTA legal scrub will be over in about 10 or 12 days, and then we are looking at approval from the (European) Commission and the Parliament by end of this year,” Goyal said at a media event. “That should be done.”
The two sides announced the conclusion of trade negotiations in January. Legal scrubbing refers to the final legal review of a trade pact by both sides before its signing and implementation.
“This will be the first agreement which will be agreed to and concluded within one calendar year,” said Goyal. “It will be the fastest approved agreement by the EU.”
The minister also reiterated India’s demand for a competitive edge under the proposed interim trade deal with the US, stating Washington has to find a “tenable mechanism” to do so, underlining that “all the other elements have been finalised”.
“For us, the primary factor in the free trade deal is to get a preference over all our competitors, our neighbours, the Southeast Asian countries…the US has to find the correct mechanism, a legally tenable mechanism by which they can give us the comparative advantage over our competitors,” he said, adding US Trade Representative Jamieson Greer has acknowledged India’s position during recent negotiations.
Goyal emphasised that the proposed deal should be fair and equitable, and provide India preferential access to the US market, underscoring that “free trade agreements are all about preferential access”.”Till they give us a competitive advantage, it’s very difficult to enter the agreement,” he said, insisting that “we don’t see any difficulties with the US” and that “concessions and other elements have largely been finalised”.
“As far as the US is concerned, the only nightmare part of it is the time difference is such that at times we have to stay awake in the night,” said Goyal.
The minister also said India’s exports are likely to grow 15% in the June quarter from a year ago.
On the growing risks of El Nino in the agriculture sector, Goyal said, “El Nino seems to be pretty much a reality.” “June has been a very serious matter of concern. One is hopeful that July will come out better.”
He said the government is conscious of the risks to food and water security and has ensured sufficient stocks of grains to manage food security, and that adequate water should also be available in different parts of the country.