Nirmala Sitharaman calls for early conclusion of India-US trade deal

Finance Minister Nirmala Sitharaman has called for an early conclusion to the proposed India-US trade agreement, citing benefits for bilateral economic ties and global trade. Her remarks follow signals from Commerce Minister Piyush Goyal and US Ambassador Sergio Gor

New Delhi: Finance Minister Nirmala Sitharaman on Friday called for an early conclusion of the proposed India-United States Bilateral Trade Agreement (BTA) and said its finalisation would be in the interest of both global trade and bilateral economic ties.

Speaking with the Atlantic Council on the sidelines the IMF-World Bank Annual Meetings in Bangkok, FM Sitharaman noted that negotiations appeared to be nearing completion.

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A day or two ago, the Commerce Minister Piyush Goyal also said that they expect the agreement to be signed soon, according to her.

FM Sitharaman said the country had continued to maintain strong growth despite global uncertainties.

“India, much against all the odds, is able to keep up the growth. In fact, we’ve been the fastest-growing in the last four or five years since COVID,” she said.

She attributed the performance to inclusive growth policies, investments in skills development and fiscal discipline.

“We are conscious that we have a responsibility with public money and therefore have a very clear understanding that we can’t be splurging money, even as we have to take care of those who are vulnerable in the economy,” the Finance Minister said.

“Public spending on capital expenditure has helped us build infrastructure in the country and that has a greater multiplier effect,” she said.

However, her statements came a day after Goyal said the first tranche of the India-US BTA had been finalised and was undergoing legal drafting.

The agreement would be operationalised once India secured a competitive advantage over peer economies, Goyal added.

Notably, US Ambassador to India Sergio Gor on Thursday said the broad framework of the proposed agreement had been finalised and expressed confidence that both sides would soon reach a conclusion.

Speaking at the Bloomberg New Economy Forum here, Gor said both countries were very close to finalising the pact.