New Delhi [India], July 14 : Union Minister of Commerce and Industry Piyush Goyal on Monday said that India-US trade negotiations are going on, to come up with a win-win agreement for both nations.
Speaking to reporters, Piyush Goyal said, "Negotiations are going on at a very fast pace and in the spirit of mutual cooperation so that we can come out with a win-win trade complementing agreement with the United States."
Goyal's statement comes in the backdrop of talks with the US to finalise a Bilateral Trade Agreement (BTA).
India is making concrete progress toward finalising a Bilateral Trade Agreement (BTA) with the United States, with both countries committed to following the path outlined by their respective leaders, a senior government official said on Monday.
Speaking on the ongoing trade negotiations, the official emphasised that India is "moving in terms of a BTA" and actively "looking at a mutually beneficial deal" that would serve the interests of both nations.
The official highlighted that the current negotiations are proceeding along the framework established by the leadership of both countries, stating, "We are following the path of BTA, which the two leaders have decided.
"When asked about the structure and timeline of the potential agreement, the official indicated that both nations are maintaining flexibility in their approach.
"We are looking at BTA. How it moves forward, whether there will be a first phase, a second phase, whatever phases will happen that will be mutually decided," the official explained.
A high-level team from India's Commerce and Industry Ministry has arrived in Washington DC, to take forward crucial negotiations for a Bilateral Trade Agreement (BTA) with the United States.
This round of negotiations is expected to begin on Monday morning (US time) and will continue for four days, another official told ANI.
Rajesh Aggarwal, Chief Negotiator and Special Secretary of the Commerce Ministry, will join the scheduled discussions on Wednesday.
India and the US have to narrow differences in sectors like agriculture and automobiles, and are looking for a win-win pact for both sides.
The Trump administration has deferred imposing additional tariffs on several countries, including India, till August 1, with the two sides now having additional time to negotiate a deal beyond the initial deadline of July 9.