Railway Minister Piyush Goyal speaks in the Rajya Sabha during the Budget Session of Parliament in New Delhi on Friday.
Railway Minister Piyush Goyal speaks in the Rajya Sabha during the Budget Session of Parliament in New Delhi on Friday.
PTI

The government on Friday said that currently, India is not negotiating a comprehensive free-trade agreement (FTA) with the US.

"No, Sir. Presently, India is not negotiating a comprehensive FTA with the US," Commerce and Industry Minister Piyush Goyal said in a written reply to the Rajya Sabha.

Both the countries are negotiating a trade package kind of a thing with a view to resolve trade irritants and push two-way commerce.

A US team is likely to visit India to finalise talks on the proposed trade package ahead of the visit of US President Donald Trump.

India is demanding exemption from high duties imposed by the US on certain steel and aluminium products, resumption of export benefits to certain domestic products under their Generalized System of Preferences (GSP), greater market access for its products from sectors including agriculture, automobile, automobile components and engineering.

On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, and cut on import duties on some ICT products. The US has also raised concerns over high trade deficit with India.

Trade deficit dipped from USD 21.3 billion in 2017-18 to USD 16.9 billion in 2018-19.

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