Despite several ongoing geo-political turmoil, India is continuing discussions with the US confirmed Commerce Minister Piyush Goyal on Tuesday. He further assured that India's trade talks with European Union, UK and other countries are also progressing and a couple of the Free Trade Agreements (FTA) are likely to be concluded soon.
"We already completed Mauritius, Australia's first tranche, the four nations, EFTA bloc, UK, UAE. Lots have happened. Lots more to go. But with the US, we are in dialogue with them for a bilateral trade agreement, " said Goyal during his address at CII Global Sustainability Summit.
He further confirmed that India is also progressing well with the Eurasian FTA. The terms of reference have been finalised , and the discussion will begin soon.
US President Donald Trump has imposed 50% tariff on a major chunk of Indian exports from August 27 onwards. Sectors like apparels, textiles, carpets, gems and jewellery have been the worst hit sectors. However, Trump administration has assured that they will try to ease trade tensions with India soon, with US Treasury Secretary Scott Bessent expressing confidence that the "two great nations will work this out."
Government of India has assured that the exporters will get all possible support to diversify their market. Ministry of Commerce has also implemented a four pillar strategy to help exporters navigate the challenges arising due to the current geopolitical tensions. One of the major aspects of this strategy is fast tracking the ongoing FTAs and get into more trade agreements with new countries to ensure Indian exporters have better global market access.
Goyal further assured that India will always be open to "fair, equitable and mutually beneficial trading arrangement trade agreement".
Meanwhile, India and China had diplomatic meetings where both the countries have agreed to reopen border trade with an aim of diversifying trade at a time of severe tariff uncertainties. China has also assured India that it will address its need for rare earth minerals, fertilisers, and tunnel boring machines.
"We had a problem in Galwan, due to which we had a blip in the relationship.As the border issue got resolved, I think the situation getting back to normal is a very natural consequence," added Goyal.