Mumbai: The US should sign the free trade agreement with India on the “dotted lines” if Washington is happy with what has been offered by New Delhi, Commerce and Industry Minister Piyush Goyal said on Thursday.
Goyal welcomed the Trump administration’s views on India’s offer, but refrained from giving a deadline for the signing of the long-awaited free trade agreement between the two nations.
The minister was reacting to a comment by US Trade Representative Jamieson Greer in Washington, who said that the US has received the “best ever” offer from India. “His happiness is very much welcome. And, I do believe that if they are very happy, they should be signing on the dotted lines,” Goyal told reporters here.
He, however, declined to specify India’s offer to the US.
The minister said there have been five rounds of negotiations with the US on the trade deal, and added that US Deputy Trade Representative Rick Switzer’s ongoing visit to India is not centred around negotiations.
Switzer’s visit to India, his first since taking over three months back, is an effort at getting to know each other well, Goyal said, adding that he had “substantial discussions” with the visiting official. The two-day talks between the US delegation led by Switzer in New Delhi were concluded on Thursday. They have held talks with the Indian team led by Commerce Secretary Rajesh Agrawal.
The two sides have exchanged views on matters related to India-US trade and economic ties, including on the ongoing negotiations for a mutually beneficial bilateral trade agreement (BTA).
Meanwhile, Prime Minister Narendra Modi on Thursday held a telephonic conversation with US President Donald Trump that focused on enhancing economic ties at a time when the two countries are eyeing a trade deal.
The two leaders exchanged views on expanding cooperation in trade, critical technologies, energy, defence and security, officials said.
Further, when asked about Chief Economic Advisor V Anantha Nageswaran’s assertion that the pact with the US would be signed in March next year, Goyal said he is not aware of the comment and refrained from putting any timeline.
“A deal is only done when both sides stand to benefit. And I don’t think we should ever negotiate with deadlines or hard stops because you tend to make mistakes then,” Goyal said, limiting himself to saying that negotiations with the US are progressing well.
Speaking at a Senate Appropriations Subcommittee hearing on Tuesday in Washington, Greer said there is resistance in India to certain row crops and other meat and products. Row crops in the US include corn, soybeans, wheat and cotton.
“They have been very difficult nuts to crack...but they have been quite forward leaning....the type of offers that they have been talking to us about ...have been the best we have ever received as a country, so I think that is a viable alternative market,” he said. These remarks are important as both sides are trying to conclude the first phase of the proposed BTA.