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India, US desire to give preferential market access to each other's businesses: Goyal
Jun-03-2025

Commerce Minister Piyush Goyal has said that India and the US desire to give preferential market access to each other's businesses and teams of both the countries are working together on the proposed bilateral trade agreement. Talking about an announcement of Trump to double tariffs on steel and aluminium to 50 per cent, the minister said that the two countries will continue to work together to resolve all these issues bilaterally. 

Talking about India's free trade pact with four-European nation bloc EFTA, Goyal said $100 billion FDI (foreign direct investment) commitment under the agreement does not include money coming into stock market through FIIs. He said ‘this is solid FDI coming into the country...This $100 billion of FDI comes with technologies... It will (also) catalyse nearly $500 billion of investments roughly. With this investment, the whole ecosystem gets created, hotels come up, infrastructure comes up, power and water is utilised. The whole ecosystem will add much more to the economy. So it's a massive investments that we are looking coming through this EFTA agreement’.

The implementation process of this pact is progressing fast and is expected to come into force before the end of this year. The two sides signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. Under the pact, India has received an investment commitment of $100 billion in 15 years from the grouping while allowing several products such as Swiss watches, chocolates and cut and polished diamonds at lower or zero duties.


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