Commerce Minister Piyush Goyal on Friday said India does not enter trade agreements based on deadlines, but on mutual benefit and national interest.
“An FTA (free trade agreement) should be a win-win. India never negotiates trade deals based on deadlines. Our focus is always on fairness and the country’s benefit,” Goyal told reporters when asked whether the India-US trade deal will be concluded well before the July 9 deadline.
“India negotiates trade deals on its own terms. Our priority is what benefits the country,” Goyal said, adding that ongoing negotiations are underway with the EU, New Zealand, Oman, Chile, and others.
He added that India remains open to fair trade deals with the developed world but ruled out any immediate plans to visit Washington DC, citing the upcoming Parliament session.
Speaking at the 16th International Toy Biz Exhibition, Goyal also announced that India will soon launch a dedicated scheme to promote domestic toy manufacturing. Incentives under the scheme will be linked to production and employment generation.
Meanwhile, the high-level Indian delegation, led by Chief Negotiator Rajesh Agrawal, recently returned from Washington after another round of discussions on a proposed interim trade pact. The talks were held from June 26 to July 2, but progress remains incomplete as key concerns in the agriculture and automobile sectors are yet to be resolved.
“The Indian team is back from Washington. Negotiations will continue. There are certain issues which need to be resolved in agriculture, dairy and auto sectors,” a senior official told Moneycontrol.
Moreover, India, on Friday, also informed the World Trade Organisation (WTO) that it plans to impose retaliatory tariffs on selected US-origin products in response to America’s recent duty hike on automobiles and certain auto parts.
In a formal WTO notification, India said the proposed move involves suspending concessions by raising tariffs, as permitted under global trade rules. “India reserves its right to suspend concessions or other obligations after thirty days from the date of this notification,” it stated.
On May 3, the US imposed a 25 percent ad valorem safeguard tariff on imports of passenger vehicles, light trucks, and certain auto parts. India has objected to the move, saying the US has failed to notify the measure and that it violates WTO norms.
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