Addressing the annual session of the PHD Chamber of Commerce and Industry, he also said talks for a trade agreement with Mexico would be launched next week, and that the trade ministers of the United Kingdom and Canada would be visiting India next week.
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India and the US announced finalisation of the framework for the first phase of the bilateral trade agreement (BTA) in February. According to that, the US did away with the 25% penalty on India for buying Russian oil and reduced the tariff on India to 18%. However, the US Supreme Court invalidated Washington’s reciprocal tariffs under the International Emergency Economic Powers Act on February 20. The US, on February 24, imposed a blanket 10% tariff on all countries for 150 days.
“Thodi paristhitiyan badli hain, usko abhi madde nazar rakhte hue final hoga (Some circumstances have changed; the final decision will be made keeping that in mind),” Goyal said.
India is seeking lower tariffs for its goods than its competitors in the American market. Earlier this month, Goyal met US Trade Representative Jamieson Greer on the sidelines of the G20 trade ministers’ meeting in Milwaukee. Both discussed trade pact-related issues.
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Goyal said the trade ministers of the UK and Canada would be visiting India next week. India and the UK implemented a trade agreement in July. The UK minister will be here for the India-UK Joint Economic and Trade Committee meeting.
Negotiations for a trade pact with Canada are moving at a faster pace and talks for an agreement with the South Africa-led SACU group will start soon, he said. Trade pact negotiations are also ongoing with Israel, Chile, the Gulf Cooperation Council and the Russia-led Eurasian Economic Union, among others.
“When an FTA is held today, it is not held in government offices. Negotiations are held with industry. Negotiations are held with the farmers,” Goyal said.
The minister said export numbers till September were “good”. “When you hear them, you will be very satisfied. And your confidence to export $1 trillion this year will double,” he said.
Citing the example of India making its own vaccine during Covid when the country was not getting vaccines from abroad, he said: “Unofficially, they (developed nations) had almost decided that they don’t have to give (vaccines) to India and developing countries”. India, however, gave vaccines to many countries and became a trusted partner, he said.