Will seek to fast-track US trade pact: Commerce secretary

New Delhi: Commerce secretary Sunil Barthwal on Tuesday said India will seek to close the proposed bilateral trade agreement (BTA) with the US as quickly as possible, with both countries looking to liberalise trade.

"The deadline indicated is to conclude the first tranche by Fall (Sept/Oct)... We are negotiating and we will try to see that negotiations close as quickly as possible," he told reporters.

After finalising the terms of reference, India and the US are to start formal negotiations this week. "We hope to get into the physical mode of negotiations may be in the second half of May. So, we are on schedule as far as the BTA and its negotiations are concerned," said Rajesh Agrawal, additional secretary in the commerce department, who is also the chief negotiator for India.

The commerce secretary said a trade deal will "open up opportunities" both for India and the US. Citing examples of India's trade pacts with Australia and the UAE, he said India's trade improved with these countries. "So, I expect that a lot of opportunities will come, and there will be higher trade with the US in case this BTA materialises."

Barthwal also sought to reassure other stakeholders that negotiations with the US will not impact other negotiations and talks with European Union are scheduled for next month. He said India is proposing a first tranche agreement with the European Union, which may tackle the less thorny subjects that are "core to trade".

"...all FTAs are important for us... it improves the trade atmosphere between two countries and we are showing the same earnestness for all FTAs," he said, adding the change in global trading order will always give some opportunities and some concerns to India.


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