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India US eye 'Win-Win' pact as negotiations gain momentum

Union Commerce and Industry Minister Piyush Goyal said on Monday that India and the United States are making rapid progress on trade discussions with a positive spirit of cooperation. He stressed that both nations are working together to finalize a “win-win” agreement that benefits both sides.An Indian delegation is currently in the US for the next round of talks on the first part of the Bilateral Trade Agreement (BTA). Discussions will continue for four days until Thursday, with India’s Chief Trade Negotiator Rajesh Agrawal joining the team on Wednesday. Both countries aim to complete the deal by the end of this year.

Speaking at the National One District One Product (ODOP) Awards 2024, Goyal announced that the Commerce Ministry will soon seek Union Cabinet approval for a new export promotion policy. The government plans to work closely with new exporters to help them access untapped markets worldwide.He said India’s trade strategy focuses on both developed economies and new, unexplored markets, aiming to sign agreements with countries whose economic strengths complement India’s capabilities.Calling India an “oasis of development” amid global economic uncertainty, Goyal reiterated that India is the fastest-growing large economy in the world. He also highlighted that most ODOP products are sustainable and will soon be linked with local tourism to boost their reach.

Goyal emphasized that all 773 districts in India contribute to the country’s progress by producing unique traditional products. While it is challenging to select just one product per district, he said maintaining high quality standards is essential for acceptance in both domestic and international markets.
India is on track to become the world’s fourth-largest economy this year, and the third-largest by 2027, Goyal said, expressing confidence in the nation’s growth trajectory.

(Business Correspondent)


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