Goyal: US Trade Deal 'Progressing Well,' Oman and New Zealand FTAs in Final Phase
Goyal also said that recently he held a meeting with Israeli economy and industry minister Nir Barkat
New Delhi/Jaipur: Union commerce minister Piyush Goyal on Wednesday said that negotiations with the United States are “progressing well" towards a bilateral trade agreement, clarifying that India does not negotiate deals on the basis of deadlines. Besides, he said negotiations for free trade agreements with Oman and New Zealand are in their last phase, and both are expected to be concluded soon.
“All agreements have many diversified angles. Many dots have been connected and we never negotiate deals with deadlines,” the minister said on the sidelines of the Rajasthani Pravasi Divas in Jaipur.
Goyal also indicated that negotiations for a trade pact with South American nation Chile will also be concluded soon. “The talks for a pact with Oman are in the last leg, and New Zealand trade minister Todd McClay is visiting New Delhi on Friday for FTA negotiations, as that is also reaching the last phase,” he said.
The commerce ministry also said in a statement that after three rounds of intensive negotiations (November 2023-March 2024), both sides (Oman and New Zealand) reached an agreement on all comprehensive economic partnership agreement components, including text and market access offers. “A Cabinet proposal submitted in March 2024 was deferred, prompting further renegotiations,” it said.
The fourth round (September 2024) and fifth round (13-14 January 2025) focused on revised offers. “Following approval of the competent authority, the draft cabinet note for signing and ratification was circulated to relevant ministries. Both sides are now in the process of securing internal approvals,” it added.
On a trade agreement with Israel, Goyal also said that recently he held a meeting with Israeli economy and industry minister Nir Barkat, and both sides have appointed their chief negotiators for the proposed pact. Last month in Tel Aviv, the two countries inked terms of reference (ToR) to formally launch negotiations for the agreement. “We hope that the first phase will happen with Israel,” he said