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India can seal trade deal with U.S. much faster, says Goyal

Both countries will engage on a fast track basis, he says

The Free Trade Agreement between the U.S. and India may not take years, Union Minister for Commerce and Industry Piyush Goyal said on Tuesday. The two countries had decided to engage on a fast-track basis, given that the two nations can trust each other, he said.

“I think with the U.S., I would personally think that we can do a much larger trade deal much faster..we’re both democracies with a rule of law. I think that’s very important... secondly, we both are transparent,” Mr. Goyal said at an event organised by the CII and the U.S.-India Business Council.

“It’s not that something is going to suddenly spring out somewhere, which was unknown to us. It’s not as if there is something hidden at the back of somewhere, which would never have been on the table. We can trust each other and talk with openness and fairness. And in that spirit, the two nations have decided to engage on a fast track basis. So, I certainly don’t see that this will be like one of those earlier Free Trade Agreement negotiations going for decades and years altogether.”

He added that whatever would be done would be in the best interest of both countries. “It will be, at least from our side an offer that I hope that the U.S. cannot refuse,” he stated.

Replying to a query from the audience, Mr. Goyal said, “I don’t think anybody invests in a country out of charity. The person will invest in a country where there is opportunity. India offers that opportunity. I’m the last fellow to say that we need your money that is why you [should] come here. We have provided you the opportunity, and people are most welcome and we invite and welcome capital and investment but not at the cost of our pride.”

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Printable version | Apr 1, 2020 8:25:56 AM | https://www.thehindu.com/business/india-can-seal-trade-deal-with-us-much-faster-says-goyal/article30916130.ece

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