India, US have begun to move towards FTA, says Piyush Goyal after Trump's India visit

Following US President Donald Trump's visit, Union Railway Minister Piyush Goyal on Tuesday said that India and the US have begun talks over a Free Trade Agreement. The US President was accompanied by First Lady Melania Trump, his daughter and advisor Ivanka Trump, his son-in-law and senior advisor Jared Kushner, Commerce Secretary Wilbur Ross, Energy Secretary Dan Brouillette, National Security Advisor Robert O’Brien, Treasury Secretary Steven Mnuchin and other prominent officials on the 2-day India visit. 

Speaking at the conference organized to coincide with the US President's visit to India, Goyal said that he is delighted that both the leaders have decided to move towards FTA.

Apprising about the legal vetting, Goyal said, "I am delighted that both the leaders (Prime Minister Narendra Modi and Donald Trump) have decided to formally engage to move towards a Free Trade Agreement (FTA) between these two big economies. We'll hopefully close the first end of the limited engagement that we have already discussed and nearly finalised, Ambassador Lighthizer and I. We'll get into legal vetting and close that quickly."

Over Donald Trump's maiden state visit to India, the Union minister apprised about the productive engagement with the US President and said that the discussions have been extremely positive and in a spirit of collaboration, cooperation, and friendship.

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PM Modi and Donald Trump's trade discussions

Prime Minister Modi and US President Trump recognised the increasing importance of the trade and investment dimension of the India-United States relationship and the need for long-term trade stability that will benefit both the American and Indian economies.

The two leaders agreed to promptly conclude the ongoing negotiations, which they hope can become phase one of a comprehensive bilateral trade agreement that reflects the true ambition and full potential of the bilateral commercial relations, advancing prosperity, investment, and job creation in both countries.

Prime Minister Modi and US President Trump welcomed growing links between India and the United States in trade and investment in hydrocarbons. Through their Strategic Energy Partnership, India and the United States are seeking to enhance energy security, expand energy and innovation linkages across respective energy sectors, bolster strategic alignment, and facilitate increased engagement between industry and other stakeholders.

The two leaders noted the potential for United States to meet India’s goal of diversifying its import base for coking/metallurgical coal and natural gas, welcoming recent commercial arrangements intended to accelerate access to LNG in the Indian market. They encouraged the Nuclear Power Corporation of India Limited and Westinghouse Electric Company to finalize the techno-commercial offer for the construction of six nuclear reactors in India at the earliest date.

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