India-US trade deal: Piyush Goyal shares important update; says negotiations ‘making fast progress’

Commerce and industry minister Piyush Goyal on Saturday said that discussions with the United States on the proposed bilateral trade agreement are progressing swiftly.Addressing the media, Goyal said that negotiations with Washington are “making fast progress”, as per news agency PTI.

A team from the US is scheduled to visit India in August for the next round of negotiations.The fifth round of talks between the two countries concluded last week in Washington. Both sides are now working towards finalising the first tranche of the agreement by fall, around September or October. The goal is to significantly boost bilateral trade, which currently stands at $191 billion, with an aim to raise it to $500 billion.Goyal also mentioned that negotiations for a free trade agreement with Oman are “almost finalised.”The trade discussions with the US are expected to focus on ironing out remaining differences, particularly around sectors such as agriculture and dairy, where India has traditionally maintained a cautious stance.Earlier, Goyal had said that “fantastic progress” was being made and stressed the importance of a “consequential partnership” with the US. He also indicated that India is seeking “preferential market access” in the US compared to its global competitors, aiming to leverage its early engagement in the negotiations.The minister had underscored that successful trade negotiations require flexibility and a balanced approach. “One has to have a broad mind and a package which is balanced and can give equity to both sides,” he had said, while cautioning against rigid timelines.