Commerce and Industry Minister Piyush Goyal stated on Saturday that India cannot implement the proposed trade agreement with the United States until it secures a competitive advantage over other nations, signaling that tariff-related issues remain the final obstacle in negotiations.
Responding to a query about US Ambassador-designate Sergio Gor's comment that the India-US Bilateral Trade Agreement (BTA) is "99 per cent there," Goyal confirmed that the framework agreement has been finalized. However, he emphasized that implementation depends on resolving outstanding tariff concerns.
"We have finalised the framework agreement and announced it as well. The Supreme Court's order regarding tariffs came after that," Goyal said during a press conference at the BJP headquarters.
Explaining the pending issue, the minister remarked, "We cannot implement the FTA until we secure a competitive advantage. The issue currently pending is that our duties need to be lower compared to those of competing nations; once this is settled, the trade agreement will be implemented."
His comments come amid ongoing efforts by both countries to finalize a bilateral trade pact aimed at expanding market access and strengthening economic ties.
Regarding the recent depreciation of the Indian rupee, Goyal expressed confidence in India's economic outlook, predicting the currency would stabilize over time. "The rupee will be back to normal in the times to come. India will continue to become the fastest developing nation in the world," he said.
The minister also highlighted India's trade engagement under Prime Minister Narendra Modi, noting that the country has significantly expanded its network of free trade agreements over the past decade. "Nine FTAs have been agreed under Prime Minister Modi's tenure with 38 countries," Goyal stated.
Addressing concerns about a potential El Nino impact on agriculture, Goyal said the government is developing strategies to handle the situation and pointed to continued support for farmers through fertiliser subsidies. "The same rate in 12 years... the government gave 90 per cent subsidy," he said, referring to fertiliser support provided by the Centre.
Looking ahead, the minister reiterated the government's development agenda focused on building a developed India. "Twelve years is just the beginning. We will do the development of the nation -- Viksit Bharat -- along with the people of India," Goyal concluded.
