September 30, 2021 3:35:48 am
Commerce and Industry minister Piyush Goyal said on Wednesday that India and the United States had come close to reaching trade agreements on three-four occasions but discussions got stuck in red tape and India was not responsible for discussions falling through.
Goyal said that India and the US should aim for bilateral trade of $1-trillion within 10 years and that India was happy to engage with the US to expand the economic partnership between the two countries.
“We had actually concluded discussions, maybe three or four times. But (discussions) would always get stuck somewhere in red tape and for a change, India was not responsible,” said Goyal at the US-India Strategic Partnership Forum’s Leadership Summit. Bilateral merchandise trade between India and the US stood at $80.5 billion in FY21.
The minister said that it was time for the two countries to “engage in a much bigger way” so that all four members of the QUAD (India, US, Japan and Australia) would have very strong economic ties with each other.
India already has a free trade agreement with Japan as in trade negotiations with Australia aiming to conclude an early harvest agreement on key areas by December.
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