New Delhi: India will look at working with the US on market access issues to promote bilateral trade as Washington has indicated that it is not looking for a new trade agreement as of now, Commerce and Industry Minister Piyush Goyal said on Thursday.
He also said that Australia has shown significant interest to do an early harvest pact with India and exporters should share areas of their interest with the ministry. An early harvest with countries like Australia will help India engage with others on similar lines, Goyal said.
"The US as of now has kind of indicated that they are not looking for new trade agreements, but we look at working with them for more market access issues on both the sides and I think that would also be a big relief and a big opportunity opener for our export sector," he said while addressing the Export Promotion Council leaders in Mumbai.
On the proposed free trade pact with the UK, the minister said it is progressing well as both the teams are in talks.
"We are working with line ministries on areas where we can quickly close the deal in terms of an early harvest if possible, so instead of trying to address 11,000 lines (or products), we can look at areas of their immediate interest and our immediate interest," Goyal said.
On the comprehensive trade pact with the European Union, he said discussions have started as the EU is a 27-nation bloc, an agreement with them is a much longer process. "We will work very hard to speed it up," he added.
The minister also assured the industry that India will not allow the "same mistakes" that were made in the past FTAs and is trying to allow an interactive approach this time.
He expressed hope for "an early win" with Australia. India has also started talks for a pact with Bangladesh.