India will start trade talks with US as soon as there is more clarity: Piyush Goyal

Union commerce minister Piyush Goyal

Union commerce and industry minister Piyush Goyal on Tuesday said "as soon as" there is more clarity in the situation at the tariffs front in the US, India will resume trade talks.

"As soon as there's more clarity in the situation," he said when asked how soon India will be resuming trade talks with the US.

India and the US, on February 22, decided to reschedule the proposed meeting of their chief negotiators, supposed to be held in Washington this week, to finalise the text for the interim trade pact.

The Indian team was scheduled to start the three-day meeting on February 23 in the US.

When asked about the government's view on easing of investment curbs imposed through press note 3 for attracting investments from countries like China, Goyal said the ministry is in dialogue with industry to understand the issues and can make it easier for them to engage with neighbouring countries, where relationships have improved.

Under this press note, investments from countries sharing land borders with India, including China, need mandatory approval from the government in any sector.

"This Press note 3 was brought in to safeguard Indian industry and businesses from opportunistic takeovers. Particularly in the wake of the pandemic, when valuations are taken as a big thing… In the evolving situation and changing times, ours is a listening government; we are always open to new ideas, and we are always open to change with evolving times," Goyal said here at Business Standard Manthan.

"We have an open mind to see how we can attract better technology, more investment from China. Also, we are in dialogue and let us see…," he said.

How soon this investment from China issue can be resolved, the minister said, the government has to see what really needs to be done in consultation with the domestic industry.

"It may be a calibrated response. It may be step by step. And at the same time, we will certainly like to speed up the process. Ultimately, it's (investments from China) not banned. It's an approval process… Immediate effort is to speed up that approval process and make it easier for people to engage with technology and help expand our value chain engagement," he added.