Goyal also said that India’s nine FTAs, spanning economies representing about $60 trillion of GDP, would provide preferential access to nearly two-thirds of global trade. — PTI

New Delhi: Commerce and industry minister Piyush Goyal on Thursday said the details of the bilateral trade agreement (BTA) with the US will be announced once Washington offers preferential terms compared to the country’s competitors. “Besides the US, New Zealand free trade agreement (FTA) with the EU — the 27-nation bloc, will come soon,” he said.

The minister’s comments came amid wide-spread speculation of a delayed free trade deal between the US and India as both the countries announced the finalisation of the framework for the first phase of the pact in February this year. However, changes in the tariff landscape in the US have led to further negotiations between the two countries on the pact.

Goyal also said that India’s nine FTAs, spanning economies representing about $60 trillion of GDP, would provide preferential access to nearly two-thirds of global trade. “Other FTAs that India would conclude over the next few months and couple of years, including those with Canada, Mexico, Chile, Mercosur, SACU (South Africa Customs Union), GCC (Gulf Cooperation Council) and Israel, together with efforts to review ASEAN, Korea and Japan trade deals would give India access to 75 per cent of global trade at a rate lower than its competitors,” he said in an event.

India has already implemented trade pacts with the UK, Mauritius, Oman, UAE, and Australia. “Trade pact with New Zealand will get live soon and thereafter FTA with EU, the 27-nation bloc, will get live. And as soon as the US is able to give us the preferential rate, in comparison to our competition, we will finalise the BTA and announce the final details,” the minister said.

In February, the finalisation of the framework for the first phase of the pact was made public by both India and the US, but changes in the tariff landscape in the US have led to further negotiations between the two countries on the pact. The US has imposed an additional 10 per cent tariff on a number of countries, including India, from July 24.

Goyal is expected to visit the US in late September to attend the G-20 Trade Ministerial in Milwaukee and hold bilateral talks with USTR Jamieson Greer, with trade pact issues to figure in the discussions. The two-day ministerial will begin on September 30. The United States holds the 2026 G20 presidency. #

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