India to Pursue Trade Talks with US Once Clarity is Established: Piyush Goyal

India to Resume Trade Talks with US Once Tariff Clarity is Achieved

Piyush Goyal, India's union commerce and industry minister, announced that the country will resume trade talks with the US as soon as there is more clarity in the situation regarding tariffs.

The proposed meeting of chief negotiators was rescheduled to finalize the text for the interim trade pact, which was initially set to take place in Washington on February 23.

India-US Trade Talks Delayed

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The rescheduling of the meeting was decided on February 22, with the aim of finalizing the text for the interim trade pact. The Indian team was scheduled to participate in the three-day meeting, but the delay has pushed back the timeline for the talks.

Investment Curbs to be Eased

In a separate development, Piyush Goyal stated that the government is in dialogue with industry to understand the issues related to press note 3, which imposes mandatory approval from the government for investments from countries sharing land borders with India, including China.

The minister emphasized that the government is open to new ideas and is willing to change its stance as circumstances evolve. The aim is to attract better technology and more investment from China, while ensuring that Indian industry and businesses are protected from opportunistic takeovers.

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Investment from China: A Calibrated Response

The government will take a calibrated response to the issue of investments from China, with a focus on speeding up the approval process. The ultimate goal is to make it easier for companies to engage with technology and expand their value chain engagement.

The government is consulting with domestic industry to determine the best course of action, and a step-by-step approach is being considered. The minister emphasized that investments from China are not banned, but rather subject to an approval process.