Left Menu
Development News Edition

India, US in advance-stage talks to resolve trade issues: Goyal

PTI | New Delhi | Updated: 16-01-2020 19:33 IST | Created: 16-01-2020 19:33 IST
India, US in advance-stage talks to resolve trade issues: Goyal

Commerce and Industry Minister Piyush Goyal on Thursday said India and the US are in an "advance stage" of dialogue to resolve some of the pressing trade issues. He said that both the countries can expand their trade relations which in future may result in a preferential or a free trade agreement.

"With the US, we are in an advance stage of dialogue to sort out some of the pressing issues," he said here. The remarks assume significance as both the countries are negotiating a trade package to boost two-way commerce.

The minister said that both the nations are big trading partners and can further expand trade. "...I would believe that going forward both counties will like to further expand that engagement which could lead to PTA (preferential trade agreement) and FTA (free trade agreement) in the years ahead," he added.

Talking about the stalled negotiations on the proposed free trade pact between India and the European Union, Goyal said countries like Germany and France are keen that both the regions should enter into a trade pact. "...at least begin with a PTA and move towards an FTA. I am looking forward for my engagement with EU trade commission," he said.

"We are very keen to pursue the dialogue further. Earlier the dialogue was stalled largely on wines, spirits and automobiles. I think those are not as contentious issues today," he said. However, he added, issues on agriculture and non tariff barriers will find centre-stage in any new negotiations.

A proposed free-trade pact has been stalled since May 2013 between India and the EU as both sides failed to iron out differences of several issues. The EU is seeking significant cut in import duties on wines, spirits and automobiles.

The commerce minister also said that India has "clearly" faced discrimination and lot of unfair tarde practices from different countries around the world and now the country is in the process of bringing them out in right perspective and placing them before its trading partners. About India's decision to withdraw from RCEP bloc, he said China was one of the 16 members of this grouping and "we have a very serious concerns about the way they are carrying out their trade and about the ways chinese ecosystem is locked down for fair trade practices with other countries".

Between 2003-04 and 2013-14, he said India's trade deficit with the RCEP (Regional Comprehensive Economic Partnership) countries grew ten times from barely USD 7 billion to about USD 65-70 billion and today it is about USD 105 billion. "We were not able to get fair access for our products and services in these countries," he said adding services, a very important area for India, were not getting sufficient place in the agreement.

In this backdrop, he said: "I and my government realise that it would be only detrimental to the domestic industry to get into the RCEP unless we get credible fair and accountable resolution of concerns". He added that other countries were not in a position in a short timeframe to resolve those issues and "it would have been a good diplomatic move but certainly bad trade decision to be part of RCEP and I think trade will have to stand on its own legs and can not be dictated purely by diplomatic concerns".

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

China: A savior for emerging markets or a poison pill?

... ...

Future of Urban Planning: Artificial Intelligence guiding the way

Advances in emerging technologies like Artificial Intelligence and Machine Learning can help us understand our cities better and derive useful insights from real-time data collected through automated models....

Videos

Latest News

Indian Bank clocks Q3 profit at Rs 514 crore

Public sector Indian Bank on Friday reported a net profit of Rs 514 crore for the October to December quarter as against a net loss of Rs 1,739 crore in Q3 FY20. While net interest income rose by 31 per cent to Rs 4,313 crore from Rs 3,293 ...

Excise officer held in graft case in Rajasthan

An excise officer was arrested on Friday for allegedly giving bribe to an Anti-Corruption Bureau official ACB in Rajasthans Sawai Madhopur district, an official said. The accused officer Madhusudan Saini was arrested for giving Rs 20,000 mo...

Film based on Ashok Chakra awardee Major Mohit Sharma's life in the works

Applause Entertainment and Drishyam Films have joined hands for the upcoming movie titled Iftikhar, based on the life of Ashok Chakra awardee, Major Mohit Sharma. After the success of popular series like Scam 1992 and Criminal Justice Behin...

Govt asks farm leaders to reconsider proposal for suspending three laws; Unions stick to repeal demand

Farmer unions on Friday told the government they want a complete repeal of three contentious farm laws even as the Centre asked them to reconsider its proposal for putting the Acts on hold for 12-18 months, as the two sides met for their 11...

Give Feedback