Business · Trade · 20 hrs ago
India to finalise US trade deal in light of changed circumstances
India and the United States announced a framework for the first phase of a trade agreement in February.
Since then, US tariff conditions have changed: the Supreme Court invalidated reciprocal tariffs, and the US imposed a 10% tariff on imports from all countries for 150 days.
Indian Commerce Minister Piyush Goyal said the agreement would be finalised with those changes in mind.
India is seeking lower tariffs than its competitors face in the US market.
The deal matters because tariff levels affect the terms on which Indian goods enter the American market.
Goyal also said trade agreement talks with Mexico would begin next week.
He said the trade ministers of the UK and Canada would visit India next week, while talks with Canada are moving faster.
India will finalise its interim trade agreement with the United States while taking changed circumstances into account, Commerce and Industry Minister Piyush Goyal said.
India and the US announced a framework for the agreement’s first phase in February.
Since then, the US Supreme Court invalidated reciprocal tariffs imposed under a US law, and Washington imposed a blanket 10% tariff on all countries for 150 days.
India is seeking lower tariffs for its goods than those faced by competitors in the US market.
Goyal said trade agreement talks with Mexico would begin next week.
- Who
- India and the United States. Commerce and Industry Minister Piyush Goyal said the deal would be finalised in light of changed circumstances.
- What
- The countries plan to finalise an interim trade agreement.
- When
- Goyal made the remarks on Saturday. The framework was announced in February.
- Where
- Goyal spoke at the annual session of the PHD Chamber of Commerce and Industry; the city is not stated.
- Why
- Goyal said circumstances had changed since the framework was announced. The sources also say the US Supreme Court invalidated reciprocal tariffs and the US imposed a blanket 10% tariff.
This story does not have two clearly opposing sides.
Some circumstances have changed; the final decision will be made keeping that in mind
When an FTA is held today, it is not held in government offices. Negotiations are held with industry. Negotiations are held with the farmers.
When you hear them, you will be very satisfied. And your confidence to export $1 trillion this year will double.
India and the United States announced a framework for the first phase of a bilateral trade agreement.
The US Supreme Court invalidated Washington’s reciprocal tariffs under the International Emergency Economic Powers Act.
The United States imposed a blanket 10% tariff on all countries for 150 days.
Goyal said the trade deal would be finalised with changed circumstances in mind.
- Framework announcement
- February
- US Supreme Court ruling
- February 20
- US blanket tariff
- 10% for 150 days
- India’s tariff goal
- Lower tariffs for its goods than competitors in the US market
- Mexico trade talks
- Set to launch next week
Sources
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