NEW DELHI: India and the US may be nearing a bilateral trade deal with further rounds of talks unlikely, amid assertions that govt wants the outcome to be balanced and equitable. “We are working for a good trade deal in the interest of India. We want a fair, equitable, and balanced trade deal with the US. If that happens, it could happen any day, tomorrow, next month, or next year. But as a govt, we are preparing for everything,” commerce & industry minister Piyush Goyal said at an event here. Separately, a senior official also said that negotiations with the US were largely complete and no further rounds may be needed. “They (the US) have to get back to us. It’s the most comprehensive, WTO-compliant treaty compared to any other nation. We negotiated very cautiously, keeping in mind the sensitivities of key sectors. There is no deadline,” the official said.
India and the US have completed five rounds of negotiations at the official level, with Goyal and external affairs minister S Jaishankar holding talks with their counterparts. The comments came as American President Donald Trump indicated that the US was willing to slash the 50% tariffs on India and the two countries are moving closer to a trade deal, for which a Fall deadline had been set. Earlier, Goyal had said that the pact may be finalised by Nov.The official also said that trade talks with New Zealand were nearly complete, with New Zealand’s Trade Minister Todd McClay expected in India this Friday for final discussions. The EU Trade Commissioner Maros Sefcovic is likely to visit in mid-Dec for another round of negotiations. Meanwhile, the Gulf Cooperation Council (GCC) has also sought to open trade talks with India whereas Bahrain and Qatar (its members) want to negotiate separate bilateral agreements. The official said Goyal will also travel to Israel next week to explore discussions on trade and investments in defence, technology, and agriculture.Addressing a gathering of state commerce and industry ministers, Goyal outlined India’s strategy on bilateral trade agreements, stating that the new set of pacts are with developed countries, in line with India’s goal of becoming a developed economy. In the past, he said, the treaties were largely with competitor economies such as Asean nations. He also said India is looking for new markets such as Russia for the country’s fishery sector, which is facing issues due to the steep US tariffs .
