No India-US Trade Deal Without Competitive Tariff Benefits To New Delhi: Piyush Goyal

India and the United States are inching closer to finalising a landmark Bilateral Trade Agreement (BTA), with negotiations now entering the final phase. However, India has made it clear that it will not rush into a deal at any cost.

Speaking in London on Thursday, Union Commerce and Industry Minister Piyush Goyal said that New Delhi wants to ensure it has a competitive advantage over its peers and cannot enter into the deal until that framework is finalised, according to Reuters.

Goyal has said, "Until a framework is in place that gives Indian exporters a comparative tariff advantage over other competing countries, India will not sign a trade deal with the US." The remarks came a day after he wrapped up talks with the US trade representative Jamieson Greer over a pact seen as crucial to bilateral ties.

ALSO READ: The July 24 Countdown: India, US Initiates High-Level Talk For Trade Deal Before Deadline; Details

According to Piyush Goyal, the most important issue in the current negotiations is ensuring that Indian products receive a better tariff status than their competitors in the global market. He said the US is considering legal and policy options that could give India a competitive advantage.

New Delhi has been pushing for tariffs lower than those imposed on goods from other Asian economies, while Washington wants India to import more American goods.

ALSO READ: India-US Trade Deal Update: MEA Says Talks In 'Final' Stage After PM Modi-Trump Meeting

The development follows ongoing trade negotiations between India and the United States since February. Meanwhile. the government believes that trade agreements will not yield the desired benefits if Indian exporters do not receive adequate tariff concessions. Therefore, India wants to ensure that any deal directly benefits the country's industries, exporters, and job creation.