EU, US trade pacts progressing, says Piyush Goyal

New Delhi: Negotiations for trade pacts with the EU and the US are progressing, commerce and industry minister Piyush Goyal said Wednesday. A rough outline of the pact with the EU has been prepared and both sides are committed to an early conclusion of the deal, he said at the Pravasi Rajasthani Divas in Jaipur.

The progress of the negotiations was reviewed by Goyal and EU commissioner for trade and economic security Maros Sefcovic here on December 8 and 9.

"The discussions were very positive. I am confident that with the EU, a decision will soon happen (on the agreement)," he said.


When asked if an announcement is expected on the conclusion of the negotiations in January, the minister said: "The air is pregnant with possibilities...I can say with certainty that both sides are committed to an early conclusion of the deal. Whether it happens in one month, next week or next month, we will wait and watch."

US TEAM IN DELHI

Goyal said the US team is in New Delhi for the negotiations. "Talks are continuously progressing with them. We are moving forward towards a bilateral trade agreement," Goyal said, indicating that he may meet the team.

India and the US on Wednesday reviewed the ongoing negotiations for a proposed bilateral trade agreement to strengthen economic ties. The two-day talks are aimed at finalising a mutually beneficial trade pact. Commerce secretary Rajesh Agrawal met US deputy trade representative Rick Switzer on the first day of talks.

The visit is crucial as India and the US are working to finalise the first tranche of the pact. This is the US officials' second visit to India since Washington imposed steep 50% tariffs on Indian goods, half of which was penalty for purchasing Russian crude oil. The US officials last visited India on September 16.

OTHER TRADE PACTS

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, he said, adding that New Zealand trade minister Todd McClay is visiting New Delhi on Friday for FTA negotiations, as those are also reaching the last phase.

India has shared draft terms of reference for a FTA with Qatar, incorporating comments on Qatar's earlier version, the commerce and industry ministry said Wednesday.

The ministry also said India and Israel have been negotiating an FTA since 2010, completing ten rounds covering 280 tariff lines or product categories.