India is willing to conclude an interim trade deal with the US, securing 'preferential treatment' over competitors before July 24, but it is not tied to the July 24 date, when America's 10% temporary baseline tariff expires, Union commerce minister Piyush Goyal said on Monday.
Goyal announced India's ambitious exports target of $1 trillion in 2026-27 and emphasized the importance of assessing the bilateral relationship by looking at things beyond trade.
He added that India wants a tariff that would give it comparative advantage against competitors, such as 'our northern neighbour China' and Asean countries like Vietnam and Indonesia.
Goyal also highlighted the deep strategic partnership between the US and India, spanning technology, critical minerals, defense, investments, and a relationship between two large democracies.
India is recognized as a trusted partner globally, reliable in all aspects, including supply chains, and supplies essential goods, such as Indian pharmaceuticals, which have a huge role to play in keeping healthcare affordable in the US.
