India and the US first announced a trade deal framework in February, but negotiations have since dragged on as the two sides struggle to bridge differences over tariffs and market access. (Photo: Bloomberg)
India will finalize a trade deal with the US once Washington offers tariff terms that give exporters an advantage over competitors, Commerce Minister Piyush Goyal said, signaling a key sticking point in protracted negotiations between the two countries.
“As soon as the US is able to give us the preferential rate in comparison to our competition, we will finalize the bilateral trade agreement and announce the final details,” Goyal said at a national workshop on leveraging free-trade agreements on Thursday. He added that India was looking at the tariff treatment available to competitors including Vietnam and Bangladesh and wanted rates that were either better or reduced to zero.
“We have to see the rate that Vietnam pays in another country, what Bangladesh goods are charged,” Goyal added. “Our rates will be better.”
The comments come as India seeks to balance ties with longstanding partners including Russia and Iran while maintaining relations with US President Donald Trump. India and the US first announced a trade deal framework in February, but negotiations have since dragged on as the two sides struggle to bridge differences over tariffs and market access.
Goyal is due to travel to the US later this month for a Group of 20 trade ministers’ meeting and is expected to hold talks with US Trade Representative Jamieson Greer, according to media reports.
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