The two-day ministerial commences on September 30 under the US 2026 G20 presidency.
Commerce Secretary Rajesh Agarwal stated, “We expect during the visit, definitely there will be bilateral meetings between the ministers….Bilateral is in the offing…Once it is worked out, we will let you know.
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“And whenever the bilateral takes place, I think all issues, trade issues between India and the US, will be discussed. And even the ongoing FTA (free trade agreement) negotiations and the way forward on that will definitely be on the agenda for discussion.”
The G20, or Group of Twenty, serves as an international forum bringing together major advanced and emerging economies to coordinate global economic policy. Goyal’s trip carries high significance as both nations continue negotiations on a bilateral trade agreement (BTA).
India-EU FTA likely to be signed before year-end:Agarwal indicated that the proposed trade deal is projected for signing before the year closes.
The European Commission has forwarded the agreement to the European Council for approval prior to its signing.
“We expect to sign it before the end of this year. That is our expectation. After signing, it goes to the European Parliament for approval and ratification. And that process takes a bit of time, but we hope that will also be done. I think as far as the process is concerned, till now this is the fastest that is happening in terms of signing and ratification,” the secretary noted.
India-Canada CEPA talks: 4th round launched:
India and Canada initiated their fourth round of discussions on Monday for the proposed Comprehensive Economic Partnership Agreement (CEPA), aiming to wrap up negotiations within the year.
“We have a large negotiating team from Canada, comprising of 48 officials who have come into India. And the discussions are taking place across all the chapters that are on the table. I think negotiations for two chapters have already been concluded. For the remaining all the chapters, the negotiations are underway. This is a five-day negotiation,” Agarwal said.
He emphasized that intense talks lie ahead: “Both sides want to have good progress in this round because we are looking at a very tight timeline. And both sides are working to see that we can close this agreement before the end of this year.”
Push for local currency trade:
The secretary highlighted that outcomes from recent BRICS leadership and trade ministerial meetings suggest member nations should promote trade using local currencies.
“This is something which has been happening over years. This is not something very new… So that local currency trade is being nudged at,” he observed.
He noted that India currently conducts limited local currency trade with partner nations such as the UAE.
“So that is being encouraged. But having local currency trade, every country, the banking channels, processes need to be put in place. We do have a system of Vostro accounts for multiple geographies. I think that will need to be expanded slowly as and when there is business appetite for trade in local currency. So that is the broad direction that comes out of the summit. The work will need to be done to actually move in that direction,” he added.