India-US trade deal: BIG update on tariff talks from Piyush Goyal - FULL Statement

India-US trade deal: Piyush Goyal also highlighted that India is in active dialogue with the European Union (EU), with the European Commissioner for Trade, Maroš Šefčovič, likely to visit next week. Minister of Commerce and Industry, Piyush Goyal , on Wednesday announced that efforts are being made to conclude a bilateral trade agreement with the United States of America (USA) by November of this year. He said, “We’ve had a little bit of geopolitical issues and overtaking trade issues in our negotiations with the United States of America. I do hope things will get back to track soon and we’ll conclude a bilateral trade agreement by fall, November or so, as was discussed by our two leaders in February.” “We’re in active dialogue with the EU. My Commerce Secretary is in Brussels today. Their team is coming down next week or later this week, actually. The Commerce Minister, Trade Commissioner Maroš, is coming to India on the 12th,” he added. India has already settled Free Trade Agreements (FTA) with countries like Mauritius, UAE, Australia, their four-nation EFTA bloc: Norway, Switzerland, Liechtenstein and Iceland, the United Kingdom, the minister confirmed.

Video Link: https://twitter.com/i/status/1963136456869990410

India-US Tariff: 

The additional 25% tariff imposed by US President, Donald Trump on India for its purchases of Russian oil came into effect on August 27, bringing the total amount of levies imposed on New Delhi to 50%. On August 7, the US President announced doubling tariffs on Indian goods to 50% for India’s purchases of Russian crude oil, but gave a 21-day window to negotiate an agreement. However, the Prime Minister, Narendra Modi asserted he can’t compromise on the interests of farmers, cattle-rearers, small-scale industries, cautioning “pressure on us may increase, but we will bear it”, news agency PTI reported. The sectors, which would bear the brunt of the high US import duties, include textiles, clothing, gems and jewelry, shrimp, leather and footwear, animal products, chemicals, electrical and mechanical machinery.

Source : https://www.etnownews.com/markets/india-us-trade-deal-big-update-on-tariff-talks-from-piyush-goyal-full-statement-article-152650396/amp