Confident of India-US Trade Deal: Goyal Amid Tariff Deadline
India’s Commerce Minister Piyush Goyal has expressed optimism that his country can reach an agreement with the United States ahead of an August 1 deadline to avert threatened tariffs of 26%. Goyal’s comments come as the two nations are engaged in intense negotiations to resolve their trade differences.
Goyal, who has been holding talks with his US counterparts, including Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer, said he was confident that a deal could be reached. He described Lutnick and Greer as “very dear friends” and said he had had “wonderful engagement” with them.
“We’ve had some excellent discussions, and I believe we are making progress,” Goyal said in an interview. “I am confident that we can reach an agreement before August 1.”
Goyal’s comments are significant as the August 1 deadline is just around the corner, and a failure to reach an agreement could lead to tariffs being imposed on a range of Indian goods, including textiles, leather, and gemstones. The tariffs, which would be implemented by the US, could have a significant impact on India’s economy, which is already facing a slowdown.
The India-US trade talks have been ongoing for several months, with both sides making concessions and counter-concessions. India has been pushing for greater market access for its goods in the US, while the US has been seeking greater access to India’s dairy and poultry markets.
Goyal said that India was willing to make concessions to reach a deal, but that it would not compromise on its core interests. “We are willing to make some concessions, but we will not compromise on our core interests,” he said. “We want to ensure that our farmers, our industry, and our people benefit from the deal.”
The Indian government has been under pressure from various stakeholders, including industry associations and farmers’ organizations, to secure a good deal for the country. Goyal said that he had held meetings with industry leaders and farmers to understand their concerns and had taken their feedback into account while negotiating with the US.
“We have held meetings with industry associations and farmers to understand their concerns and have taken their feedback into account while negotiating with the US,” Goyal said. “We want to ensure that the deal is beneficial for all stakeholders.”
Goyal’s optimism about the trade deal is in line with the sentiments expressed by US officials. US Trade Representative Robert Lighthizer had said earlier that the US was “cautiously optimistic” about the prospects of a deal.
The India-US trade deal is crucial for both countries, as it could lead to increased trade and investment between the two nations. The deal could also have a significant impact on the global economy, as the two nations are among the largest economies in the world.
In conclusion, Piyush Goyal’s confidence about the India-US trade deal is a welcome development, as it suggests that the two nations are close to reaching an agreement. Goyal’s willingness to make concessions and his commitment to ensuring that the deal benefits all stakeholders are also positive signs. However, the deal is still not guaranteed, and both sides will need to continue negotiating to reach a mutually beneficial agreement.
