India-US trade deal: Piyush Goyal shares important replace; says negotiations ‘making fast progress’

File picture: Commerce and business minister Piyush Goyal (Picture credit score: PTI)

Commerce and business minister Piyush Goyal on Saturday mentioned that discussions with the United States on the proposed bilateral trade settlement are progressing swiftly.Addressing the media, Goyal mentioned that negotiations with Washington are “making fast progress”, as per information company PTI.A crew from the US is scheduled to go to India in August for the following spherical of negotiations.The fifth spherical of talks between the 2 international locations concluded final week in Washington. Both sides at the moment are working in direction of finalising the primary tranche of the settlement by fall, round September or October. The aim is to considerably increase bilateral trade, which presently stands at $191 billion, with an purpose to boost it to $500 billion.Goyal additionally talked about that negotiations for a free trade settlement with Oman are “almost finalised.”The trade discussions with the US are anticipated to deal with ironing out remaining variations, notably round sectors reminiscent of agriculture and dairy, the place India has historically maintained a cautious stance.Earlier, Goyal had mentioned that “fantastic progress” was being made and burdened the significance of a “consequential partnership” with the US. He additionally indicated that India is looking for “preferential market access” within the US in comparison with its world rivals, aiming to leverage its early engagement within the negotiations.The minister had underscored that profitable trade negotiations require flexibility and a balanced strategy. “One has to have a broad mind and a package which is balanced and can give equity to both sides,” he had mentioned, whereas cautioning towards inflexible timelines.