“There was a very good discussion (with the US team). The framework deal is ready…whenever there is the right time, it will be signed. We are negotiating a framework deal and a bilateral trade agreement (BTA), and both are progressing well,” he said.
Commerce and industry minister Piyush Goyal and US Trade Representative Jamieson Greer met last month to discuss issues related to the first phase of the BTA. “I had fantastic meetings with USTR Jamieson Greer, @USTradeRep, when he visited Delhi in June,” Goyal said in a post on X Monday. “Both sides reaffirmed their commitment to an agreement that is balanced, commercially meaningful, and delivers tangible benefits for businesses, farmers, workers, and consumers in both countries. Our teams remain fully engaged in achieving this objective.”
Explaining that trade deals are all about preferential market access or comparative advantage, Agrawal said: “That is something which is getting structured, whenever it is ready, things will be signed.” “We are on a safe way, our understanding is safe, both sides are very clear what is there in the framework deal”
India and the US are continuing to grow their bilateral trade, also boosted by New Delhi ramping up energy imports from Washington.
“Both sides had very constructive meetings and reaffirmed their commitment to finalizing a trade deal. We continue to stay actively engaged,” Sergio Gor, US ambassador to India, posted on X.
“Section 301 is different from the trade deal, but when we look at trade, we take a 360-degree view of all the issues. The sustainability of the deal will be taken care of,” Agrawal said, adding both sides would find “innovative ways” to address all aspects of the trade relationship.
Ruling out any negativity or any differences between India and the US, Agrawal said: “Both sides know each other’s expectations…what is coming in the framework deal and…what is beyond the framework deal that is being negotiated between the two sides.”
The trade agreement will be signed, including pathways for the resolution of ongoing Section 301 investigations by the US, and that when the trade deal is signed, the US shouldn’t impose any new tariffs on India, he said.
The US has proposed 12.5% tariffs on India under the forced labour probe.
“We are closely watching the outcome,” he said.
The US is yet to issue the draft report on excess capacity.