The first phase of the trade pact between India and US is undergoing legal drafting said Commerce and Industry Minister Piyush Goyal on Thursday. He added that the pact would be operationalized once India secured a competitive edge over its perr countries.
US bilateral trade agreement’s first tranche has been finalised and it is going through final contours, the legal drafting and we hope to be able to finalise that soon and operationalise that once we get the competitive advantage over our peer countries,” Goyal said at an event in New Delhi, according to reports.
The remarks comes against the backdrop of ongoing negotiations between the two nations over bilateral trade agreement. The two nations had earlier in February announced an interim deal framework which is yet to be legalized.
Further he informed India-European Union free trade agreement would be signed in December and imposed in February or March next year.
Earlier this year, India along with the 27 member European Union had announced to conclude the negotiations for the trade. The agreement us expected to deepen trade ties and improve bussinesses for both the sides.
The trade proposals are a part of India’s broader efforts ro expand trade ties with major economies amid changes in global trade and tariff policies.