New Delhi: Union Commerce and Industry Minister Piyush Goyal has dismissed as “completely false, baseless and misleading” a Reuters report claiming that India rejected a quick trade agreement with the United States during recent negotiations.
The minister’s clarification came shortly after Commerce Secretary Rajesh Agrawal said India and the US had finalised the framework for a proposed bilateral trade agreement, with the pact expected to be signed when both sides consider the timing appropriate.
Goyal rejects Reuters report
In a post on X, Goyal refuted the Reuters report, which claimed that India was holding out for a better trade deal instead of accepting a quicker agreement with Washington.
The minister said he had “fantastic meetings” with US Trade Representative (USTR) Jamieson Greer during the latter’s visit to New Delhi in June.
Goyal added that both countries remain committed to reaching a balanced agreement that benefits businesses, farmers, workers and consumers in India and the United States.
“Our teams remain fully engaged in achieving this objective,” he said.
Trade agreement enters final stage
Earlier this month, Goyal had stated that negotiations on the proposed bilateral trade agreement had entered the final phase, with most major issues already resolved.
He said both countries were working towards an agreement that would provide India with a competitive advantage while strengthening economic ties between the two nations.
The minister also indicated there were no significant hurdles in concluding the negotiations despite recent legal and policy developments in the United States.
Commerce Secretary says framework ready
Commerce Secretary Rajesh Agrawal on Sunday reiterated that discussions between the two countries were progressing positively.
According to Agrawal, India and the United States have finalised the framework for the proposed trade agreement and are awaiting an appropriate time to formally sign the pact.
He said consultations between both sides continue to move in the right direction and that there are no major challenges in the negotiations.
Agrawal also highlighted the growing trade relationship between the two countries, including rising energy imports by India from the United States.
US ambassador optimistic
Last month, US Ambassador to India Sergio Gor also expressed confidence that the proposed trade agreement was nearing completion.
He had said negotiations were in their “last one or two per cent”, indicating that only a few outstanding issues remained before the agreement could be finalised.
Tariff decision awaited
On the issue of tariffs, Agrawal said the decision rests with the US administration.
The current 10 per cent US tariff regime is scheduled to expire on July 24, after which Washington is expected to announce its next course of action.
India is closely monitoring the outcome, as tariff decisions could influence the implementation of the broader trade agreement.
Conclusion
The latest statements from Piyush Goyal and the Commerce Ministry suggest that India-US trade negotiations remain on track despite reports suggesting otherwise. With the framework reportedly finalised, both countries now appear to be awaiting the right opportunity to formally conclude the agreement.