HOME > MARKETS > ECONOMY NEWS
  ECONOMY NEWS
ECONOMY
India, US can finalise larger trade deal much fast: Goyal
Feb-26-2020

Commerce minister Piyush Goyal has said that India and the US can finalise a larger trade deal much fast and expressed hope that the bilateral trade target of $500 billion is certainly achievable target in the next five years. He also said both the leaders (Prime Minister Narendra Modi and US President Donald Trump) have decided to formally engage to move towards a free trade agreement (FTA) between the two big economies.

Goyal has stated that Commerce ministry will conduct comprehensive stakeholder consultations and engaged with all concerned people on issues including market access, opening up services, on investment protocols, and on areas of mutual interest. He noted that generally in a limited trade deal, two trading partners reduce customs duties on limited number of goods to enhance economic ties. On the other hand, he said FTA is a big trade deal under which two trading partners significantly reduce or eliminate customs duties on maximum number of goods traded between them. Besides, they also relax norms for promoting investments and trade in services. He said that America will also gain significantly with this partnership.

On investments, the minister said businesses invest in any country not out of charity but when they see an opportunity. He said ‘India offers that opportunity....we are providing that opportunity, people are most welcome and we invite and welcome capital. We invite your investment into India but not at the cost of our pride.’ He added that India's earlier trade agreements did not provide enough opportunities for Indian manufacturing/businesses to expand and grow but opened large amounts of our markets.

  RELATED NEWS >>