FTA-like India-US pact in pipeline
India on Wednesday said it is in talks with the US and Canada for a market-opening bilateral agreement.
By PTI |
NEW DELHI: India on Wednesday said it is in talks with the US and Canada for a market-opening bilateral agreement, on the lines of trade pacts being negotiated with the European Union and the ASEAN.
"The bilateral trade agreements are currently in the pipeline with at least 10 potential partners ranging from ASEAN, the EU, US and Canada," Commerce and Industry Minister Kamal Nath said at the Pravasi Bharatiya Divas here.
He touched upon negotiations with the US and Canada in a prepared speech, text of which was circulated to the media. India has set a global engagement target of 550 billion dollar, Nath said during the session.
"Currently, our global economic engagement is 450 billion dollars and we have a target to take it to 550 billion dollars," he said.
As a trading nation, India is firmly established at the top of the table of the World Trade Organisation, irrespective of the outcome of the Doha Development Round, he said.
India has been one of the few countries with which the US has had sub-Cabinet level commercial dialogue. Other such countries and regions include China, EU and North American Free Trade Area (NAFTA).
Recent developments indicated strong possibility of an Indo-US trade agreement dialogue. During the recently held India Economic Summit here, a US Congressman had announced his intention to introduce a legislation in the Congress calling for the US to begin talks with India on an FTA.
Nath had responded saying the possibility needs to be examined. India and the US had a trade turnover of over 34 billion dollars between January and October, 2007.
The country is in an advanced stage of negotiating a Bilateral Trade and Investment Agreement, similar to a free trade pact, with the EU.
"The bilateral trade agreements are currently in the pipeline with at least 10 potential partners ranging from ASEAN, the EU, US and Canada," Commerce and Industry Minister Kamal Nath said at the Pravasi Bharatiya Divas here.
He touched upon negotiations with the US and Canada in a prepared speech, text of which was circulated to the media. India has set a global engagement target of 550 billion dollar, Nath said during the session.
"Currently, our global economic engagement is 450 billion dollars and we have a target to take it to 550 billion dollars," he said.
As a trading nation, India is firmly established at the top of the table of the World Trade Organisation, irrespective of the outcome of the Doha Development Round, he said.
India has been one of the few countries with which the US has had sub-Cabinet level commercial dialogue. Other such countries and regions include China, EU and North American Free Trade Area (NAFTA).
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Recent developments indicated strong possibility of an Indo-US trade agreement dialogue. During the recently held India Economic Summit here, a US Congressman had announced his intention to introduce a legislation in the Congress calling for the US to begin talks with India on an FTA.
Nath had responded saying the possibility needs to be examined. India and the US had a trade turnover of over 34 billion dollars between January and October, 2007.
The country is in an advanced stage of negotiating a Bilateral Trade and Investment Agreement, similar to a free trade pact, with the EU.
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