US trade pact and new markets in focus
Beyond ongoing negotiations, India has received interest from Ecuador, Egypt and other African countries for potential trade agreements, including arrangements with the African Union or sector-specific groupings.
On the proposed India-US bilateral trade agreement (BTA), Goyal said India would enjoy a comparative advantage over other countries and secure preferential access. The two countries announced in February the finalisation of a framework for the first phase of the agreement, but changes in the US tariff landscape have necessitated further negotiations.
Government builds institutional capacity for FTAs
Goyal said the government has developed manuals and standard operating procedures over the past three years to institutionalise FTA negotiations and ensure that expertise is retained despite changes in officials.
The documentation is intended to guide future negotiations and help officials draw on lessons from previous trade agreements.
The expanding negotiations reflect India’s effort to diversify export markets and secure better access for domestic industries. The commercial benefits, however, will depend on the terms agreed, tariff concessions secured and the ability of Indian businesses to capitalise on new market opportunities.