Piyush Goyal says changed circumstances will shape final trade pact with US

The US and India announced in February that they had reached a framework for an interim trade agreement, but circumstances have changed, and the pact will be finalised accordingly, Commerce and Industry Minister Piyush Goyal said on Saturday.

He also said that trade pact negotiations are on with number of regions including Israel, Chile, GCC (Gulf Cooperation Council) and Russia-led group Eurasian Economic Union (EAEU).

"USA (trade pact) February me announce hua.

Thodi paristhitiyan badli hain, usko abhi madde nazar rakhte hue final hoga. (It was announced in February.

Some circumstances have changed; the final decision will be made keeping that in mind)," Goyal said here while addressing members of industry chamber PHDCCI.

India is seeking lower tariffs for its goods than its competitors in the American markets.

The minister did not elaborate about those circumstances, but the changing tariff landscape in the US has led to further negotiations about the first phase of bilateral tr