India’s Commerce Minister Piyush Goyal on Wednesday exhorted U.S. businesses to convince the administration of the need for a trade agreement that would enhance the bilateral flow of goods and services.
“We already have an FTA (free trade agreement) with Japan; we are working on an early harvest agreement as part of FTA talks with Australia,” Mr. Goyal told the U.S. India Strategic Partnership Forum (USISPF). “I would urge all of you to impress upon your administration as well that India is ready and willing to expand our economic partnership in the spirit of reciprocity and equality.”
The minister’s remarks assume significance as they come a month after he told Indian exporters that the US has indicated the India-US FTA is off the table ‘as of now’. “But we will look at working with them on market access issues on both sides,” Mr. Goyal had said in August.
“While our trade in goods and services has grown significantly in the last ten years, I believe the potential hasn’t been tapped fully yet. I think India and US can look at a balanced, mutual trade of about a trillion dollars in the next ten years and unless we keep some very ambitious targets, we will never get there,” he asserted in response to a query from USISPF board member George R. Oliver, who is the chairman and CEO of Johnson Controls.