2 hrs ago
Goyal Sets Preferential Tariff Condition for India-US Trade Deal
India and the United States are discussing a trade agreement.
India wants lower or better tariffs than those given to its competitors.
Piyush Goyal said this special tariff rate is necessary before the deal is finalized.
He also said India will first move ahead with a trade pact with New Zealand.
An agreement with the European Union is expected after that.
The European Union has 27 nations.
Goyal spoke about these plans at a government workshop.
The final details of the India-US agreement will be announced after the tariff condition is met.
Piyush Goyal said India will finalize the bilateral trade agreement with the United States after receiving a preferential tariff rate.
The rate must be more favorable than those offered to India’s competitors, according to Goyal.
Goyal said a trade pact with New Zealand will become operational soon.
He said the agreement with the European Union’s 27-nation bloc will follow.
Goyal made the remarks at a Commerce Ministry workshop on free trade agreements.
- Who
- Piyush Goyal, speaking about India’s negotiations with the United States.
- What
- India will finalize and announce its bilateral trade agreement with the United States only after receiving a preferential tariff rate over its competitors.
- Where
- At a Commerce Ministry workshop on free trade agreements.
- When
- After the trade pacts with New Zealand and the European Union become operational; no date was specified.
- Why
- India wants tariff treatment that is more favorable than the treatment received by its competition.
Key facts
- Indian official
- Piyush Goyal
- Trade agreement under discussion
- India-US bilateral trade agreement
- India’s condition
- The United States must provide a preferential tariff rate compared with India’s competitors.
- Other pact mentioned first
- New Zealand trade pact
- Subsequent pact mentioned
- European Union free trade agreement
- European Union size
- 27 nations
- Announcement timing
- Final India-US details will be announced after the preferential rate is provided.
Quotes
Piyush Goyal
India's Commerce Minister, speaking at a Commerce Ministry workshop on free trade agreements
“(Trade pact with) New Zealand will get live soon and thereafter (FTA with) EU, the 27-nation bloc, will get live. And as soon as the US is able to give us the preferential rate, in comparison to our competition, we will finalise the BTA and announce the final details,”
timesnownews.com
Sources
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