Union Finance Minister Nirmala Sitharaman on Friday expressed hope that the India-US trade agreement will be completed as soon as possible in the interest of global trade and bilateral economic relations between the two countries.
The Finance Ministry said in a post on ‘X’ that Sitharaman said this during an interactive session with Michael Kugelman, Resident Senior Fellow (South Asia), during the annual meetings of the International Monetary Fund-World Bank held in Bangkok (Thailand).
“Negotiations between the two countries are currently ongoing. I am hopeful that in the interest of global trade and trade between both our partners, India and the US, this trade agreement will be completed as soon as possible,” he said.
Sitharaman said that despite years of dialogue with Beijing, the growing trade imbalance and continued restrictions on market access for Indian products in China still remain a matter of great concern.
The Union Finance Minister said that India, despite all the difficulties, has been successful in maintaining its growth rate.
On India’s GDP growth, the Finance Minister said that in fact, after Covid, we have been the fastest growing economy in the last four-five years.
This performance is in line with the efforts we are continuously making. He said the main reasons for this include being ‘inclusive’.
Sitharaman said that ensuring that everyone gets access to resources, youth get opportunities for skill development, and at the same time ensuring that financial discipline is maintained in the process.
We are conscious that we have a responsibility towards public money. Therefore, we know very well that we cannot spend money recklessly, even if we have to take care of the weaker sections of the economy.
It is noteworthy that Union Commerce and Industry Minister Piyush Goyal said on Thursday that the first phase of the India-US trade agreement has been finalized and its legal draft is currently being prepared.