‘Should Come to Conclusion Sooner’: FM Sitharaman on India’s Trade Talks with US, EU

Finance Minister Nirmala Sitharaman on Tuesday signalled that the highly anticipated trade deal with the U.S and the European Union is to be finalised very soon.

“Intense trade negotiations going on with the US and the European Union and should come to a conclusion sooner. Emphasis is being made on getting more free trade agreements getting signed,” Sitharaman said.

Speaking at a trade conclave, the Union Minister also assured exporters of every possible government support amid the present volatile global environment.

On India's broadened export led momentum, she said the south Asian nations' total exports have touched an all-time high of USD 825 billion at 6 per cent growth over the previous year, despite a challenging global environment.

“This is a significant leap of USD 466 billion over 2013-14,” she mentioned.

Underlining the global export growth trajectory, the finance minister noted that this growth came amid global export expansion of just 4 per cent.

“Global growth and trade have suffered in the last few years. OECD has projected a 20 basis points drop, and World Bank has estimated 40 bps drop in global growth this year. World does not seem to be in a mood to go along with exports,” Sitharaman said.

“Despite that, Indian exporters are still growing and finding success. Indian exporters swimming against the current and succeeding as well,” she said, assuring full government support to the exporters amid the global uncertainties.

The FM pointed out that despite the one or the other challenge every year in the last year the Indian exporters have performed well.

“From COVID in 2020 to Russia-Ukraine war in 2022 and the disturbances due to Hamas in 2023 and the recent tariff war, we have had serious challenges every year to global trade,” she said, while pointing out that the Indian exporters have upped the game with foraying into new markets and value-added high-tech products.

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Sitharaman also mentioned that the centre has taken five major steps to support exporters.

The first one being transport and logistics upgrade, which improves supply chain efficiency, secondly, government has provided targeted support to MSMEs. Third of the five is trade finance access.