Union Finance Minister Nirmala Sitharaman expressed optimism on Friday regarding the conclusion of the India-US trade agreement, emphasizing its importance for global trade and the bilateral economic relationship between the two nations.
“"I think recently the Indian Commerce Minister has also spoken that they expect and wish to have the agreement signed soon. Negotiations have been going on. I hope, in the interest of global trade and in the interest of trade between the two partners, India and US, the trade agreement gets concluded at the earliest," she stated.
Current Status of Negotiations
Commerce and Industry Minister Piyush Goyal announced on Thursday that the first phase of the India-US trade pact has been finalized and is currently undergoing legal drafting.
Concerns Over Trade with China
Sitharaman also addressed concerns regarding trade with China, highlighting the growing trade imbalance and ongoing restrictions on market access for Indian products. Despite years of engagement with Beijing, India has struggled to gain access for products such as generic medicines, bovine meat, and perishable goods.
“"Non-tariff barriers are the biggest hurdle in the trade between India and China," she remarked, noting that China has employed phytosanitary measures and other non-tariff restrictions.
