Union Finance Minister Nirmala Sitharaman has expressed hope that the India-US trade agreement will be concluded at the earliest, saying it would benefit bilateral economic relations and global trade.
Speaking on the sidelines of the IMF-World Bank annual meetings in Bangkok, she also discussed trade barriers with China, BRICS cooperation and the factors supporting India’s economic growth.
Sitharaman said negotiations between India and the United States had been progressing and expressed hope for an early conclusion.
Commerce and Industry Minister Piyush Goyal had earlier said the first phase of the proposed trade pact had been finalised and was undergoing legal drafting.
The agreement is expected to provide a framework for strengthening commercial ties between the two countries.
Sitharaman identified the growing trade imbalance and restrictions on market access as key concerns in India’s trade relationship with China.
She said Indian products, including generic medicines, bovine meat, vegetables and other perishable goods, had faced difficulties in gaining greater access to the Chinese market.
According to the Finance Minister, non-tariff barriers remain a major obstacle. These include restrictions such as phytosanitary measures, which regulate plant and animal health in international trade.
She said India had generally favoured negotiations to address trade imbalances rather than relying on punitive tariffs.
Discussing BRICS, Sitharaman said the grouping should be viewed as a platform for strengthening partnerships and improving people’s welfare, rather than as an effort to counter another country or bloc.
She highlighted the potential for cooperation among member countries to expand trade, improve mutual understanding and create economic opportunities.
Sitharaman said India had maintained strong economic growth despite global disruptions, particularly in the years following the COVID-19 pandemic.
She attributed the country’s performance to inclusive growth, skill development, fiscal prudence and increased public capital expenditure.
The Finance Minister also highlighted infrastructure investment, saying it supports employment and wider economic activity. She argued that borrowing for asset creation can deliver long-term economic benefits.
Progress on the India-US trade agreement could influence market access and commercial cooperation between two major economies. Meanwhile, India’s concerns over non-tariff barriers with China underline the importance of fair market access, while infrastructure investment remains a central part of the government’s economic strategy.
