New Delhi. The first phase of the long-proposed bilateral trade agreement (BTA) between India and the US may be signed by July. Union Commerce and Industry Minister Piyush Goyal gave this information on Monday. Speaking to the media during an event, Goyal indicated that despite the recent tariff issues, talks between the two countries have now reached a decisive stage. This statement of the Minister has increased the hopes of early progress in the trade talks which have been going on for the last several months. Both India and America are emphasizing on strengthening economic ties and increasing market access for business.
The proposed agreement is expected to give a big boost to trade between the two countries. Also, this may provide new opportunities to Indian exporters in many key sectors.
Talking about the progress of the talks, Goyal said that talks between Indian and US officials have made considerable progress in recent weeks and efforts are now being made to resolve the remaining issues.
The minister’s latest comments follow on from his statement last week. On June 5, Goyal had said that an entire team of officials from various US trade departments had come to New Delhi and had detailed discussions with Indian officials to take the talks forward.
Goyal had said, “The entire team of officials from various trade departments of the US was present in Delhi.”
According to the minister, both sides are working towards bridging the remaining gaps in the agreement and finding a solution that benefits both countries equally.
He expressed confidence that the first phase of the trade agreement could be finalized by mid-July. He described it as a “very strong and vibrant first phase” that will lay the foundation for deeper economic cooperation between the two countries in the future.
This proposed trade agreement is considered important at a time when both India and the US are focusing on diversifying supply chains, increasing investment and strengthening strategic partnerships in various sectors.
If this first phase is successfully completed, it could pave the way for a more comprehensive and larger trade agreement between India and the US.
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