India-US trade deal talks: India wants preferential access through US deal, says Piyush Goyal

INdia is willing to close an meanwhile merchandise sell with the US, securing “preferential handling” over competitors before July 24, but it is not tied to the July 24 date, when America’s 10% temporary baseline tariff expires, Union commerce minister Piyush Goyal said on Monday, announcing India’s ambitious exports target of $1 trillion in 2026-27.“I have said it very often, India never negotiates with a deadline,” he said in an interview to a TV channel, replying a specific question on whether New Delhi would conclude an interim bilateral trade agreement (BTA) with the US before July 24. The query is significant because of scheduled meetings between Goyal and visiting US trade representative Jamieson Greer on June 23-24.Also read | First phase of bilateral trade pact expected by next month: Piyush Goyal on US trade dealIn a post on X, US ambassador Sergio Gor on Monday said Greer and Goyal have “multiple sessions” scheduled “to advance” the US-India trade deal. The talks are focused on finalising a new tariff architecture after the US Supreme Court on February 20 invalidated the 18% reciprocal duty on bulk of Indian goods as per the framework reached by the two countries on February 7. Subsequently, Washington on February 24 imposed a uniform 10% global tariff under Section 122 ; this is applicable for a maximum of 150 days without congressional approval.According to Indian government officials familiar with the matter, the February 7 framework between the two countries resolved most of the issues pertaining to an interim BTA barring the tariff that the US would offer.Also read | 'All major points settled': First tranche of India-US trade deal soon, says Piyush GoyalIndia wants a tariff that would give it comparative advantage against competitors. Reiterating his point on the 10% tariff, Goyal on Monday said that it would expire on July 24“in the US” and “that is not something which I have to be worried about”. Goyal added that he would be the “happiest person” if the first tranche of the BTA deal is completed before July 24, because that would give Indian exporters a comparative advantage over other competing nations, such as “our northern neighbour China “ and Asean countries such as Vietnam and Indonesia. “I think, the faster the better. Because that fast, that quickly, we can start exporting more goods to the US.”He also emphasized that it was important to assess the bilateral relationship by looking at things beyond trade.“But bear in mind, both the US and India have a very deep strategic partnership; trade is one element of our partnership. Our partnership spans technology, critical minerals, we have very serious engagement on defense. It’s not only about tariff rates and rules of origin. It’s about investments, it’s about a relationship between two large democracies.”Goyal said India, which is the world’s largest democracy, is recognized as a trusted partner globally. India is reliable in all aspects, including supply chains, he added. It supplies essential goods, something very valuable for countries like the US, he said, citing the example of Indian pharmaceuticals. “Our generic medicines have a huge role to play in keeping health care affordable in the US.”