New Delhi: India and US are currently negotiating a bilateral trade agreement (BTA) which has not been signed as yet, as the government takes care of all the sensitivities associated with the free trade agreement (FTA) and ensures that India’s interests are protected, the Parliament was informed Tuesday.
Minister of State for Commerce and Industry, Jitin Prasada, stated this in a written reply to the Lok Sabha. “Every FTA is unique and is based on specific dynamics of trade and is aimed at maximising benefits for both nations. India and US are negotiating a Bilateral Trade Agreement which has not been signed as yet,” he added.
“The government of India takes care of all the sensitivities associated with the FTA and ensures that India’s interests are protected. The FTA comes into force after signing and ratification by both the countries,” he added.
Intense discussions are currently on to reach an interim trade deal between New Delhi and Washington before the August 1 deadline.
On the India-UK trade deal, the minister informed that Prime Ministers of India and UK have announced the successful conclusion of India-UK FTA negotiations May 6. 2025.
“The FTA with the UK is a modern, comprehensive and landmark agreement which seeks to achieve deep economic integration along with trade liberalisation and tariff concessions. The FTA ensures comprehensive market access for goods, across all sectors, covering all of India’s export interests,” said Prasada in his reply.
The FTA seeks to promote good regulatory practices and enhance transparency that are in sync with India’s own focus on domestic reforms to enhance the ease of doing business.
Meanwhile, Commerce and Industry Minister Piyush Goyal will accompany Prime Minister Narendra Modi to London for the signing of the free trade agreement between India and the UK this week.
At the invitation of UK Prime Minister, Keir Starmer, PM Modi will undertake an official visit to the United Kingdom from July 23 to 24. This marks his fourth visit to the UK.
The agreement opens up massive export opportunities for India’s labour-intensive sectors such as textiles, marine products, leather, footwear, sports goods and toys, gems and jewellery, and other important sectors such as engineering goods, auto parts and engines, and organic chemicals, the statement said.
IANS
