India Seeks Preferential Access to US Market, Says Commerce Minister Piyush Goyal
India is looking at preferential access to US market, says Piyush Goyal
The Economic TimesImage: The Economic Times
India's Commerce and Industry Minister Piyush Goyal announced the country's intention to secure preferential market access for its products in the US, emphasizing the strength of India-US relations. He discussed ongoing trade negotiations, including a bilateral trade agreement, during the World Trade Organisation's ministerial conference in Cameroon.
- 01India seeks preferential market access in the US to boost trade.
- 02Minister Piyush Goyal emphasizes strong India-US relations.
- 03Bilateral trade agreement negotiations are ongoing.
- 04India opposes the Investment Facilitation for Development Agreement.
- 05India's export growth remains flat amid global trade challenges.
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India is actively pursuing preferential market access for its products in the United States, as stated by Piyush Goyal, the country's Commerce and Industry Minister. During a press briefing in New Delhi, Goyal highlighted the robust strategic partnership between India and the US, which encompasses technology, defense, trade, and investments. He described the trade pact with the US as the 'best' compared to those of competitor nations. Goyal's remarks followed his recent discussions with US Trade Representative Jamieson Greer at the World Trade Organisation's 14th ministerial conference (MC14) in Cameroon, where they deliberated on the next steps for the India-US bilateral trade agreement (BTA). Additionally, Goyal met with Chinese Commerce Minister Wang Wentao to explore avenues for expanding trade, particularly in pharmaceuticals and engineering goods. Goyal also expressed India's openness to a longer timeline for extending the moratorium on e-commerce to provide businesses with more predictability. Amid ongoing global trade challenges, India's export growth has stagnated, which Goyal noted has impacted the global economy. He reiterated India's commitment to protecting its interests in international trade agreements, including opposing the Investment Facilitation for Development Agreement. Goyal also mentioned potential measures to mitigate the impact of the ongoing war in West Asia on shipping costs and exports.
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Securing preferential access to the US market could enhance opportunities for Indian exporters, potentially leading to increased sales and job creation in key sectors.
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