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The US and India announced in February that they had reached a framework for an interim trade agreement, but circumstances have changed, and the pact will be finalised accordingly, Commerce and Industry Minister Piyush Goyal said on Saturday.
“A trade pact was announced between India and the US in February. The circumstances have changed, and a final decision will be made keeping that in mind,” he said.
The minister, however, did not elaborate about those circumstances, but the changing tariff landscape in the US has led to further negotiations about the first phase of the bilateral trade agreement (BTA) between India and the US.
Speaking at the 121st Annual Session of PHD Chamber of Commerce and Industry, Goyal said India will launch negotiations for a preferential trade agreement (PTA) with Mexico next week. Negotiations with several trading partners are progressing as India seeks to expand preferential access for its exporters and diversify markets amid uncertainties in global trade, he added.
Mexico is an important market for Indian exporters for products such as automobiles and auto components, pharmaceuticals, engineering goods, chemicals and textiles.
The Mexican negotiations are part of India’s broader push to widen its network of trade agreements, with discussions also underway with Israel, Chile, the Gulf Cooperation Council (GCC), the Southern African Customs Union (SACU) and countries in Central Asia and Eurasia.
Goyal said the government is working towards expanding the country’s preferential market access through trade agreements, with negotiations increasingly involving industry and farmers to ensure that the resulting arrangements serve domestic economic interests.
The minister also said that UK Business and Trade Secretary Jonathan Reynolds is scheduled to visit India from October 12 to 16, after the India-UK Comprehensive Economic and Trade Agreement (CETA) came into force on July 15. He will be accompanied by a 200-member strong delegation that would include representatives from companies, banks and universities, among others.
Canadian Trade Minister Maninder Sidhu is also scheduled to visit India next week as negotiations for a Comprehensive Economic Partnership Agreement (CEPA) gather pace, the minister said. Both countries have expressed their intent to conclude the negotiations by the end of 2026.
The visit follows the fifth round of negotiations held from October 5 to 9. The proposed agreement covers trade in goods and services and other areas of economic cooperation. India and Canada have set a target of doubling bilateral trade to $70 billion annually by 2030.
He also expressed confidence that India would achieve its target of $1 trillion in exports in the current financial year.
TOPICSPiyush GoyalThis article was first uploaded on October ten, twenty twenty-six, at forty-six minutes past eleven in the night. © IE Online Media Services (P) Ltd