India to protect its interests in trade pact with US: Goyal

New Delhi: India is in continuous dialogue with the US on the proposed bilateral trade agreement (BTA), and the government will safeguard the nation's and public interests as it is never advisable to take any step in undue haste, Commerce and Industry Minister Piyush Goyal said on Friday.

He said all trade talks of the country are progressing well in the spirit of 'India first' and to ensure the pathway to Viksit Bharat 2047.

"Humne pahle bhi kai baar kaha hai ki hum banduk rakhke kabhi negotiate nai karte hain. Sammay ki pabandiyaan acchhi rahti hain ki wo protsaahit karti hain ki baat teji se ho, lekin jab tak desh hit aur jan hit ko hum surakshit na rakh saken, tab tak kabhi bhi jaldbazzi karna accha nai hai (I have said it many times before that we do not negotiate at the gunpoint. Time restrictions are good as they encourage us to talk swiftly, but until we are able to protect the interests of the country and people, it is never good to be hasty)," Goyal told reporters when asked about the progress of India-US BTA.

The two countries have fixed a target to finalise the first phase of the agreement by fall (September-October) this year with an aim to more than double bilateral trade to $500 billion by 2030 from the current $191 billion.

On the India-European Union (EU) trade pact, Goyal said the trade talks proceed when both sides are sensitive to each other's concerns and requirements.

"I can only share... that all the trade talks are progressing well in the spirit of India first and to ensure our pathway to Viksit Bharat 2047," he said.

He added that businesses face various constraints of non-tariff barriers in the EU.

Meanwhile, speaking at the Italy-India Business Forum, Goyal said that concrete steps need to be taken to expedite the conclusion of the free trade agreement between India and the EU that can help both sides deepen economic ties.

He added that the India-Middle East-Europe Corridor (IMEC) provides India and Italy an opportunity to further come closer to each other.

Additionally, the minister said there is also a need to promote seamless trade and investments between India and Italy.

There is a need to "encourage investments on both sides, promote businesses to do trade with each other without roadblocks... I think there is tremendous potential to grow from the $15 billion level," Goyal added.

Later while talking to reporters, he said India is among few the countries to engage with the US for trade talks.

"We are already in dialogue with the US for a bilateral trade agreement...India offers huge opportunities with a 1.4 billion population...we believe that India will be a compelling case to enter into a good agreement for the US," he said.

Goyal added that the two countries have set a target to increase the bilateral trade to $500 billion by 2030 and "towards that end, we are having very good negotiations".