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India Seeks Better Tariffs Than Rivals to Finalize US Deal
India and the United States are negotiating a trade deal.
India wants its products to face lower taxes when sold in the United States.
It wants better rates than competing countries such as Vietnam and Bangladesh.
India says it will announce the agreement only after receiving those promises.
Commerce Minister Piyush Goyal said Indian export rates should be more favorable or even zero.
The countries finalized a first-phase framework in February.
Changes in United States tariff policies have delayed further progress.
A new 10% tariff on imports from several countries, including India, began on July 24.
India will not announce its trade agreement with the United States until Washington offers preferential tariff rates.
Commerce and Industry Minister Piyush Goyal said Indian exports should receive rates better than or equal to zero compared with rivals.
India is seeking terms more favorable than those available to exporters from Vietnam and Bangladesh.
The first-phase trade framework was finalized in February, but negotiations have since been delayed.
The United States introduced an additional 10% tariff on several countries, including India, from July 24.
- Who
- India, the United States, and Commerce and Industry Minister Piyush Goyal.
- What
- India is conditioning finalization of the bilateral trade agreement on more favorable United States tariff rates for Indian exports.
- Where
- The negotiations concern trade between India and the United States.
- When
- The first-phase framework was finalized in February; an additional 10% United States tariff began on July 24.
- Why
- India wants its exporters to receive better tariff treatment than competing exporters from Vietnam and Bangladesh.
Key facts
- Agreement
- Proposed India-United States Bilateral Trade Agreement
- India’s condition
- Preferential tariff rates compared with competing countries
- Competitors mentioned
- Vietnam and Bangladesh
- First-phase framework
- Announced as finalized in February
- Additional tariff
- The United States introduced an additional 10% tariff on imports from several countries, including India
- Minister
- Piyush Goyal, India’s Commerce and Industry Minister
- Existing trade agreements
- India says it has concluded nine free-trade agreements
Quotes
Piyush Goyal
India’s Commerce and Industry Minister
“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.”
freepressjournal.in
“We have to see the rate that Vietnam pays in another country and what Bangladesh goods are charged. Our rates will be better.”
freepressjournal.in
Sources
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