Piyush Goyal Pinpoints Final Hurdle in India-US Trade Pact

Goyal described the ongoing negotiations as a fair and equitable process, emphasizing that the primary objective is to secure preferential access to the United States market. This priority allows India to maintain a competitive edge over regional rivals and neighboring Southeast Asian economies. According to the minister, the final sticking point involves identifying a legally tenable mechanism to provide India with this comparative advantage, particularly following the Supreme Court’s decision to strike down previous tariffs under the International Economic Emergency Powers Act.

Despite the complexity of these technical details, both sides have largely finalized concessions on goods and the reduction of non-tariff barriers. US Ambassador to India Sergio Gor recently corroborated this progress, characterizing the remaining work as the final one or two percent of the agreement. Regarding the intensity of the talks, Goyal dismissed reports of friction, noting that the only recurring challenge was the significant time difference between New Delhi and Washington, which often required his team to work through the night. He maintained that the relationship between the two negotiating parties remains productive and devoid of stress.