India is firm on fair trade talks: Piyush Goyal

Business Trade: Commerce Minister Piyush Goyal on Friday said India does not enter into trade agreements based on deadlines but on mutual benefit and national interest.

When asked by reporters if the India-US trade deal will be concluded before the July 9 deadline, Goyal said, “Free Trade Agreement (FTA) should be a win-win for both sides. India never enters into trade deals based on deadlines. Our focus is always on fairness and benefit to the country.”

Goyal said, “India enters into trade deals on its own terms. Our priority is what benefits the country.” He said talks are underway with the European Union, New Zealand, Oman, Chile and other countries.

He said India is open to fair trade deals with developed countries but ruled out any immediate plans to visit Washington DC citing the upcoming Parliament session.

Speaking at the 16th International Toy Trade Exhibition, Goyal also announced that India will soon launch a dedicated scheme to promote domestic toy manufacturing. The incentives under the scheme will be linked to production and job creation.

Meanwhile, the high-level Indian delegation led by chief negotiator Rajesh Aggarwal recently returned from Washington after another round of discussions on the proposed interim trade agreement. The talks went on from June 26 to July 2, but progress remains incomplete as key concerns in the agriculture and automobile sectors are still not resolved.

“The Indian team is back from Washington. The talks will continue. There are some issues in the agriculture, dairy and auto sectors that need to be resolved.

Besides this, India also informed the World Trade Organisation (WTO) on Friday that it plans to impose retaliatory duties on select US-origin products in response to the recent duty hike by the US on automobiles and some auto parts.