Finance Minister Nirmala Sitharaman said that trade talks with the United States are progressing well. Her comment comes ahead of US President Donald Trump's country-specific tariffs, which are set to take effect on August 1.
During a book launch event in the national capital, FM Sitharaman stated that trade talks with the US and the UK are progressing well.
Key Highlights
- Nirmala Sitharaman says India–US trade negotiations are “progressing well” ahead of Trump’s July 9 tariff deadline.
- India aims to conclude first phase of bilateral trade agreement by fall 2025, focusing on non‑controversial sectors.
"I cannot say whether bilateral trade is good or bad, but we are moving forward with it. According to media reports, FM Sitharaman stated that negotiations with the US and EU are going well.
Earlier, Trump stated that his administration would complete the majority of its trade agreements with countries by August 1.
During a press briefing at the White House, Trump also stated that his administration may send a letter to nearly 200 countries regarding their tariff rates, implying that "They have a deal. It's finished.
"August 1 will arrive, and we will have completed the majority, if not all, of our deals," Trump told reporters before leaving for Scotland, according to Yonhap news agency. "When those letters go out... the page and a half... That means they've made a deal. "It's done," he stated. "They pay that tariff and that is the contract essentially."
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Commerce and Industry Minister Piyush Goyal praised the India-UK free trade agreement, describing it as a 'game-changing' agreement that offers enormous opportunities and benefits to farmers, businessmen, MSME sectors, young professionals, and fishermen.
"India's Cabinet has already approved the India-UK FTA and now after UK's parliament ratification process is completed, the agreement will be operational," he told the media during a press conference.
According to the Commerce Minister, of all the FTAs India has signed, the one with the United Kingdom is the "biggest, most comprehensive, and most important".
"India-UK signed a win-win FTA in favour of both nations involved after almost 22-23 years of talks," he stated. Meanwhile, this week, India and the United Kingdom signed a free trade agreement (FTA).
The Comprehensive Economic and Trade Agreement (CETA) secures unprecedented duty-free access for 99 percent of India's exports to the UK, accounting for nearly the entire trading basket.
