Commerce Minister Piyush Goyal said the interim India-US Bilateral Trade Agreement (BTA) is awaiting a tariff structure that gives Indian exporters an advantage over competitors.
India has already secured preferential market access through nine trade agreements with countries and regions including the UAE, Australia, the UK, EFTA and Oman. The government is now focused on making better use of these FTAs to boost exports.
Goyal said India is also negotiating trade deals with Canada, Mexico, Chile, Mercosur, SACU, the GCC and Israel, while reviewing existing agreements with ASEAN, South Korea and Japan.
The government aims to expand India’s preferential access to around 75% of global trade, with tariffs lower than those faced by competing exporters. Talks with Chile are reportedly close to completion, particularly significant because of the country’s rich reserves of critical minerals.
