India, US discuss Free Trade Agreement, likely to partner on 5G

New Delhi: Possibilities of a Free Trade Agreement (FTA) between India and the United States are being examined and Indian Commerce Minister Piyush Goel and US Secretary for Commerce Wilbur Ross held discussions regarding this. It is said that the Ministers concurred on signing a limited cooperation agreement between the countries, before the FTA. At the same time, Nisha Biswal, the President of the U.S.-India Business Council (USIBC), underlined the importance of the India-US economic cooperation. Biswal said that there is a likelihood of India-US partnership in the 5G sector.

Only last week, Commerce Minister Piyush Goel had said that India is keen on signing FTAs with the United States, the United Kingdom and the European Union. Goel had also said that India was open to discussions on all the trade issues and there is no red line drawn by India.

Against this background, Goel held discussions with US Secretary for Commerce Wilbur Ross over the telephone. During the discussions, it was said that the focus should continue to be on resolving the prolonged and disputed trade issues. Discussions regarding the possibilities of the FTA, identifying the things which complement the bilateral trade, were held. But Indian Commerce Minister Piyush Goel and US Secretary for Commerce Wilbur Ross, both agreed on singing a limited trade agreement before the FTA.

Last week Commerce Minister Goel had discussions with the US Trade Representative, Robert Lighthizer, regarding the same, limited trade agreement. While speaking at the US-India CEO Forum, Commerce Minister Goel had said that the cooperation is becoming more comprehensive taking cognisance of interests, of both the countries.

Meanwhile, USIBC has organised ‘India Idea Summit’ on 21st and 22 July. Prime Minister Narendra Modi will be participating in the summit via videoconferencing. USIBC President, Nisha Biswal, said that there will be comprehensive discussions regarding the cooperation between India and the United States. The global supply chain has been disturbed by the Coronavirus pandemic. Biswal said that even during these trying times, the India-US cooperation has strengthened and both the countries are working together on the Coronavirus vaccine. Biswal added that the India-US cooperation in the technology sector will become more wide-ranging and there is a possibility of partnership, between the countries, in the 5G sector.