Goyal says India is reassessing its interim US trade framework
India’s commerce minister Piyush Goyal said the interim framework announced in February was being reassessed after changes in the US tariff landscape. New Delhi seeks more favourable terms for its goods in the American market. The October 10 remarks add a specific framework reassessment to earlier reports of limited bargaining room, while negotiations continue without a new signing date.
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Goyal reopens the February framework assessment
India’s Commerce and Industry Minister Piyush Goyal said the proposed interim trade pact with the United States would be finalised with changed circumstances in mind. He addressed the PHDCCI industry chamber in New Delhi on October 10.[1], [2]
The framework announced in February is being reassessed after changes in the US tariff landscape, Goyal said. India seeks more favourable tariff terms so its goods remain competitive in the American market. The statement supplied neither product-specific new tariff rates nor a final signing date.[1]
The minister places US talks within a wider negotiating agenda
Goyal also outlined negotiations with other trading partners. Discussions are underway with Israel and Chile, while the Gulf Cooperation Council and the Eurasian Economic Union are other partners with which India is pursuing agreements. He said several countries were keen to negotiate with India.[1]
Visits and planned talks set the next negotiating steps
Negotiations with Canada are advancing faster, Goyal said. Talks with the Southern African Customs Union are expected to begin shortly, while discussions with Mexico were scheduled for the following week. The UK and Canadian trade ministers will also visit India the following week. The UK visit includes an India–UK Joint Economic and Trade Committee meeting. Goyal placed it after implementation of the bilateral trade agreement in July.[1]
