DOHA: Commerce and industry minister Piyush Goyal on Tuesday said that India and the US are in dialogue and will find a landing ground, while stating that New Delhi is “making endeavours” to conclude talks for a free trade agreement (FTA) with the European Union by Dec.
The US government shutdown is also seen to have cast a shadow on the next round of talks, something that the minister acknowledged. Asked if India and the US will keep the Nov deadline for concluding the negotiations, he said: “There is every possibility. We will find a landing ground. We are in constant dialogue with the US (on the trade pact), and talks are on at various levels. We will give more information on this soon on how we are thinking to take it forward.”
He said that India has protected the interest of its farmers and dairy industry apart from being mindful of religious sensitivities in the trade pacts with the UK, the EFTA bloc and Australia. “Any trade deal will be only possible keeping in mind these sensitivities. I am confident that we will be able to resolve the issues (with the US) that are on the table and find the landing zone in the near future.”
The divergence between the two sides has prompted the US president to impose a 25% tariff on all Indian exports with another 25% “secondary tariffs” levied on account of India’s oil purchases from Russia. While the Trump administration has been asking India to stop the purchases, government has made it clear that country’s interest is paramount and also indicated that it is willing to step up American energy purchases to fuel its growth and reduce the trade gap with the US.
In the meantime, government has been seeking to diversify its export basket and is negotiating trade deals with the EU, Oman , Qatar, Chile and Peru.
“There are very good discussions going on between the EU and India in Brussels. Our entire team is there. There is a deep understanding of each other’s sensitivities so that we can conclude a very equitable, fair and balanced FTA between the $20-trillion European Union of 27 countries and India, the world’s fastest growing large economy. India and the EU complement each other. Our young, talented and skilled population is a great resource for the EU who need talented young people. The EU holds tremendous potential for Indian businesses. EU and Indian companies can leverage each other’s strengths so that we can serve the world together.” Goyal will head to Brussels later this month for talks.
Asked if he hoped for the talks to be concluded before the Dec deadline, the minister said: “We neither do negotiations with a deadline, nor do we like to unnecessarily delay negotiations. We will make every endeavour to meet the leaders’ expectations and complete negotiations before the end of year. I see tremendous possibility (of that),” he said.
The US government shutdown is also seen to have cast a shadow on the next round of talks, something that the minister acknowledged. Asked if India and the US will keep the Nov deadline for concluding the negotiations, he said: “There is every possibility. We will find a landing ground. We are in constant dialogue with the US (on the trade pact), and talks are on at various levels. We will give more information on this soon on how we are thinking to take it forward.”
He said that India has protected the interest of its farmers and dairy industry apart from being mindful of religious sensitivities in the trade pacts with the UK, the EFTA bloc and Australia. “Any trade deal will be only possible keeping in mind these sensitivities. I am confident that we will be able to resolve the issues (with the US) that are on the table and find the landing zone in the near future.”
The divergence between the two sides has prompted the US president to impose a 25% tariff on all Indian exports with another 25% “secondary tariffs” levied on account of India’s oil purchases from Russia. While the Trump administration has been asking India to stop the purchases, government has made it clear that country’s interest is paramount and also indicated that it is willing to step up American energy purchases to fuel its growth and reduce the trade gap with the US.
In the meantime, government has been seeking to diversify its export basket and is negotiating trade deals with the EU, Oman , Qatar, Chile and Peru.
“There are very good discussions going on between the EU and India in Brussels. Our entire team is there. There is a deep understanding of each other’s sensitivities so that we can conclude a very equitable, fair and balanced FTA between the $20-trillion European Union of 27 countries and India, the world’s fastest growing large economy. India and the EU complement each other. Our young, talented and skilled population is a great resource for the EU who need talented young people. The EU holds tremendous potential for Indian businesses. EU and Indian companies can leverage each other’s strengths so that we can serve the world together.” Goyal will head to Brussels later this month for talks.
Asked if he hoped for the talks to be concluded before the Dec deadline, the minister said: “We neither do negotiations with a deadline, nor do we like to unnecessarily delay negotiations. We will make every endeavour to meet the leaders’ expectations and complete negotiations before the end of year. I see tremendous possibility (of that),” he said.
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