Commerce and Industry Minister Piyush Goyal announced that India and the United States are making quick progress in their ongoing trade deal discussions.
Speaking to the media on Saturday, Goyal said that talks with the US are moving forward smoothly. A US delegation is expected to visit India in August for the next round of meetings. The two countries recently completed the fifth round of negotiations in Washington, and both sides are now working towards finalizing the first part of the trade deal by September or October.
The goal of the agreement is to boost India-US trade, which currently stands at $191 billion, and raise it to $500 billion in the future.
Goyal also shared that India is close to finalizing a Free Trade Agreement (FTA) with Oman.
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In the talks with the US, both countries are trying to settle differences in areas like agriculture and dairy, where India usually takes a careful approach.
Goyal had earlier mentioned that “fantastic progress” is being made and highlighted the need for a strong partnership with the US. He also said that India is looking for better market access in the US than other countries, by taking early action in the talks.
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He emphasized that trade deals need flexibility and fairness. “We need a balanced deal that works well for both sides,” Goyal said, adding that sticking to tight deadlines might not always be helpful.
