India US Trade Deal: Biggest update on trade deal. India is continuing negotiations with the United States for a bilateral trade agreement, Union Commerce and Industry Minister Piyush Goyal said, adding that discussions between the two countries are progressing steadily.

Union Commerce and Industry Minister Piyush Goyal stated that despite the war situation, there is no fuel shortage in India. He also reiterated the government’s commitment to trade negotiations with the United States. Speaking on the India-US Trade Deal, Goyal said that India is continuing to negotiate a BTA with the United States. He said that teams from both countries are continuously negotiating, and India is striving to gain better market access than its competitors.

9 free trade agreements were signed in three and a half years

He also stated that India’s network of trade agreements is rapidly expanding. According to him, nine free trade agreements have been concluded in the last three and a half years, covering 38 economies and giving India priority access to a large share of global trade. Negotiations are currently underway with Israel and Gulf Cooperation Council countries. Discussions are also underway with Chile and Peru. Negotiations with Mexico are also expected to begin by the end of this year.

He said that India has entered into numerous trade agreements that protect sensitive sectors. He added that India is the only country in the world that has achieved FTAs ​​with the European Union, the United States, the United Kingdom, Australia, and New Zealand and yet has not opened its dairy sector.

India US Trade Deal: No fuel shortage despite global conflict

Goyal stated that India’s fuel supply remains stable despite the ongoing conflict. He said India has a strong 12-month reserve and there’s no need for people to panic. He also said the rupee will gradually improve. He added that while wartime challenges present themselves, India is in a good position in terms of crude oil supplies. There are no disruptions to the availability of fuels like petrol, diesel, and ATF.

He said that as a precaution, the government has increased kerosene supplies to address a potential LPG shortage. He urged people not to hoard gas cylinders, saying it’s not a matter of availability, but rather a timing issue of supply and demand. He added that India is now expanding its energy import sources beyond the Middle East, including from as far away as Canada, the United States, and Russia. This may increase shipping times but strengthens supply security.

Government in touch with exporters

Goyal said the government is in constant contact with exporters, given the disruptions to the supply chain caused by the conflict. He said the government is in daily dialogue with all stakeholders and export promotion councils. The Commerce Ministry is also developing standard operating procedures for cases where shipments may need to be turned back or rerouted and for cargo that may need to be brought back.

Also read: Indian ship carrying 46,000 tonnes of LPG leaves Strait of Hormuz.