Commerce Minister Piyush Goyal said that India is aiming to gain preferential access via the trade pact with the US. While speaking at a media conclave
in New Delhi, the Commerce Minister also mentioned how the trade deal with the United States is taking a little longer to sign due to the 50 percent tariff that was imposed on goods from the country. The spotlight is on top US trade diplomat's India visit on Tuesday for the talks, with New Delhi aiming for a trade pact on terms better than those offered to other Asian economies and a deal better than earlier anticipated. US Trade Representative Jamieson Greer's trip follows the first meeting in more than a year between Prime Minister Narendra Modi and US President Donald Trump on June 17 on the sidelines of the G7 summit in France. Geopolitical concerns dominated sentiments and decisions for most of the fast half of this year, and the uncertainty caused by the trade talks as well as the death of three Indian sailors in attacks on commercial ships by the US Navy in the Gulf has further added to diplomatic concerns. Crucial to note that an initial understanding on trade was reached in February, but uncertainty persists over a continuing US Section 301 probe into alleged overcapacity and forced labour. India is seeking a competitive tariff edge over regional peers, including Association of Southeast Asian Nations (ASEAN) members like Vietnam. Commerce Minister said, "we are trying to work out with the US how they will ensure that we will get a comparative advantage, so that our exporters can benefit". Piyush Goyal also stated that he would be "happy" if a deal is finalised before July 24, US' temporary 10 per cent tariff on trading partners expires, he said "the faster, the better."
