In August, India and the Eurasian Economic Union (EAEU) including Armenia, Belarus, Kazakhstan, the Kirghiante Republic and Russia signed the mandate (TOR) to launch negotiations on an ALE, he said.
“The discussions go with the United States (for a trade agreement). Discussions are also underway with the EU, New Zealand, Oman, Peru and Chile,” he told International UP, Greater Noida.
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Last week, the Minister led an official delegation in New York for commercial negotiations. After this meeting, India and the United States decided to continue negotiations for an early conclusion of a mutually beneficial bilateral trade agreement.
The two parties held constructive meetings on various aspects of the trade agreement. During the visit, the Minister held meetings with the US trade representative (USTR) Jamieson Greer and the consumption United States Ambassador of India Sergio Gor.
These deliberations were important because it took place after the United States imposed a reciprocal rate of 25% and an additional 25% penalty on Indian products entering the American market to buy Russian crude oil. Currently, a total of 50% of additional import duties are imposed on Indian goods.
In February of this year, the leaders of the two countries ordered managers to negotiate a bilateral commercial convention project (BTA).
He had to conclude the first tranche of the pact in the fall (October-November) of 2025. Until now, five cycles of negotiations have taken place. The Pact aims to double bilateral trade at $ 500 billion by 2030, against current USD 191 billion.
The United States has remained the largest trading partner in India for the fourth consecutive year in 2024-25, with bilateral trade worth 131.84 billion USD (USD 86.5 billion).
The United States represents approximately 18% of total goods from India, 6.22% in imports and 10.73% in the total trade in the country.
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Goyal has also informed that the Commercial and Economic Partnership Agreement (TEPA) between India and the Bloc of the Four European Nations, EFTA (European Free-Frade Association) will come into force from October 1. It was signed on March 10, 2024.
As part of the pact, India has received an investment commitment of $ 100 billion in 15 years from the group while granting several products, such as Swiss watches, chocolates and polished diamonds, to lower or zero duties.
In addition, the Minister of Commerce called for purchases of products in India to promote interior manufacturing.
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