Union Commerce Minister Piyush Goyal has given an update on the India-US trade deal on Thursday. He said that the first phase of the bilateral trade agreement between India and America has been finalized. Its final legal drafting is going on. The Union Minister further said, ‘We hope that we will finalize it soon and implement it after gaining an edge over other competing countries.’
While addressing the CC Centenary Conference organized in the national capital Delhi, Piyush Goyal also gave updates on the trade deals being implemented with other countries.
India-New Zealand FTA will come into effect from October 20
The Union Minister said, ‘9 trade deals have been shaped in the last four and a half years. The trade deal finalized with New Zealand is coming into effect from 20th October i.e. Dussehra. After this, the trade deal with the European Union will be finalized in December and it will become operational from February-March 2027. This will strengthen India’s trade relations with 27 EU countries.
Commerce Secretary also told the whole thing
On the US-India trade agreement, Commerce Secretary Rajesh Aggarwal said that the talks are going in the right direction. He said, ‘We are in a very good position. There is full confidence that an agreement will be reached.
He said that based on the results of Section 301 investigation, we will take the agreement forward. The draft report of Section 301 investigation is awaited, which will clarify the situation further. The tariff structure has been affected due to the investigation.
‘India wants stability in tariffs’
The Commerce Secretary said that India wants stability in tariffs under this agreement. The issues are being discussed, and the issues have reduced over time. India has opposed excess capacity created due to ‘non-market forces’ as it impacts trade. This is a priority issue of the G20.
He said that more clarity is expected on the Russia Sanctions Act. The agreement is expected to be completed as soon as possible.
India will continue to grow rapidly for the next 25 years: Piyush Goyal
Union Commerce and Industry Minister Piyush Goyal said on Thursday that India will remain the fastest growing large economy in the world for the next 20-25 years. He said that India is in a position to play an important role in accelerating global development and technological advancement in the coming decades.
Addressing the SRCC centenary conference held in the national capital, Union Minister Piyush Goyal said that the countries of the world today want to engage with India as they recognize the potential of its young and ambitious population.
He said, ‘Today the world wants to connect with India, because it understands that a young India full of aspirations is going to lead global development. India is going to become a major engine of progress in technology and global trade.
Highlighting India’s long-term growth prospects, the Minister said the country will benefit from its demographic dividend, huge consumer market and entrepreneurial energy, which will sustain the growth momentum for decades to come.
He said, ‘We will remain the fastest growing major economy in the world for the next 20-25 years. Given our demographic potential, young population and large market, we will play an important role in deciding in which direction the future world will move.
Goyal said that progress towards making India a ‘developed nation’ by the year 2047 will depend on the collective efforts of the countrymen. He said that today there is a need to leave the mentality of running away from challenges and accept the responsibility of nation building.
He said, ‘A large section of the society tries to avoid problems. They are not ready to accept that our future is in our own hands. We all will have to contribute to make India a developed nation by 2047.
The Union Minister further said that the ambition to set big goals and achieve them has become the identity of modern India and this is also a major reason behind the country’s growing global reputation.
Source: ndtv.in
