India-US Trade Talks Progress as New Economic Partnership Unfolds
Union Commerce Minister Piyush Goyal announced positive developments in the Bilateral Trade Agreement with the US. Highlighting complementarities between both economies, Goyal emphasized the partnership's potential to enhance prosperity. The goal is to double trade to USD 500 billion by 2030, amid robust economic growth in India.
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- India
Piyush Goyal, India's Union Commerce and Industry Minister, confirmed on Tuesday that significant progress is being made in the Bilateral Trade Agreement discussions with the United States. Speaking at the Columbia India Energy Dialogue in New Delhi, he praised the ongoing conversations as a successful initiative led by India.
Goyal highlighted the complementary nature of the US and Indian economies, emphasizing their mutual benefits and cooperation. With the United States' high per capita income and India's wide range of goods and technologies, he underscored that the partnership is poised to be a key driver of economic growth in both countries over the coming years.
India and the US are targeting a fall 2025 deadline to finalize the agreement, with ambitious objectives like the "Mission 500" plan to double bilateral trade to USD 500 billion by 2030. Amid these developments, Goyal also addressed potential European Union carbon taxes, warning of Indian retaliatory measures to protect national interests and maintain economic balance.
(With inputs from agencies.)
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