'If they're happy, they should sign': Piyush Goyal responds to USTR's 'best offer ever' from India

Union Minister of Commerce & Industry Piyush Goyal on Thursday said that trade talks with the US were progressing well, but added that New Delhi would never negotiate with deadlines. "Negotiations are progressing well," the minister said when asked about the India–US deal. "We've had substantive discussions over several rounds of negotiations. In the past, I think five rounds have happened."

A delegation led by Deputy US Trade Representative (USTR) Rick Switzer is in Delhi for two-day trade talks with his Indian counterpart Rajesh Agrawal.

This visit, however, is not a negotiating round, Goyal clarified. "The current visit is not a negotiating round. The current visit is a new Deputy United States Trade Representative (USTR) who has joined about three months ago. It's his first visit to India. We're getting to know each other. We had very good substantive discussions."

The minister also referred to his previous statement that a deal is only done when both sides stand to benefit. "We should never negotiate with deadlines because you tend to make mistakes then."

On Wednesday, US Trade Representative (USTR) Jamieson Greer said that he had received the "best offer ever" from New Delhi so far. At a Senate Appropriations Subcommittee hearing in Washington, Greer said on Tuesday that there was resistance in India to certain row crops and other meat and products. Row crops in the US include corn, soybeans, wheat and cotton.

"They have been very difficult nuts to crack...but they have been quite forward leaning….the type of offers that they have been talking to us about...have been the best, we have ever received as a country, so I think that is a viable alternative market," he said.

When asked what India has offered Washington that has made the US team happy, Goyal said: "The happiness of the USTR is very much welcome. I do believe that if they are very happy, they should be signing on the dotted line."

The Deputy USTR's visit to New Delhi is crucial as India and the US are working to finalise the first tranche of the pact. This is the US officials' second trip since the imposition of a 25 per cent tariff and an additional 25 per cent penalty on Indian goods entering the American market due to the purchase of Russian crude oil.

The US officials last visited India on September 16. On September 22, Goyal also led an official delegation to the US for trade talks. He had also visited Washington in May. 

Commerce Secretary Rajesh Agrawal recently stated that India is hopeful of reaching a framework trade deal this year, which should address the tariff issue to the benefit of Indian exporters. While noting that the trade agreement will take time, Agrawal said that India is engaged in protracted negotiations with the US on a framework trade deal that will address the reciprocal tariff challenge faced by Indian exporters. 

India and the US are having two parallel negotiations - one on a framework trade deal to address tariffs and another on a comprehensive trade deal. So far, six rounds of negotiations have been held. The agreement aims to more than double bilateral trade to $500 billion by 2030, from the current $191 billion.

(With inputs from PTI)