India has finalised the first phase of its proposed trade agreement with the United States, and the text is undergoing legal drafting, Commerce and Industry Minister Piyush Goyal said on Thursday, according to media reports.
Speaking at an event in New Delhi, Goyal said the government hoped to complete the process soon. However, the agreement would be operationalised only when India secured a competitive advantage for its exporters compared with those of other countries in the US market.
The comments come amid ongoing negotiations between New Delhi and Washington over a bilateral trade agreement. The two countries announced a framework for an interim trade deal in February, but the agreement has yet to be implemented.
Goyal has previously said that changing global circumstances would need to be considered during the negotiations. On 14 October, he described India-US relations as “very good” and said he saw no problems in bilateral ties despite the delay in finalising the trade pact.
Separately, Goyal said the proposed India-European Union free trade agreement was expected to be signed in December and could come into force in February or March next year.
India and the 27-member European Union have announced the conclusion of negotiations on the trade agreement. The proposed pact is expected to expand market access and strengthen economic ties between the two sides.
