India in advanced talks with EU and US for trade deals, declares Piyush Goyal

India News

According to reports, the US has imposed 25 per cent tariffs on Indian imports as a penalty for India’s purchase of oil from Russia. This is in addition to the existing 25 per cent reciprocal tariffs on Indian goods entering the American market, taking the overall additional import duty on Indian exports to 50 per cent.

Progress in India-US Trade Talks Signals Hope Despite Ongoing Tariff Hurdles.

Goyal expressed optimism about further progress when the EU Trade Commissioner visits India in late November.
(photo credit/PTI)

New Delhi: Union Minister for Commerce and Trade Piyush Goyal has declared that India is in the advanced stages of discussions with both the European Union (EU) and the United States (US) to finalise trade agreements. Speaking at the ET Startup Awards, Goyal declared, “We are at the advanced stage of discussions with both EU and US for trade deals.”

According to reports, the US has imposed 25 per cent tariffs on Indian imports as a penalty for India’s purchase of oil from Russia. This is in addition to the existing 25 per cent reciprocal tariffs on Indian goods entering the American market, taking the overall additional import duty on Indian exports to 50 per cent. New Delhi has termed these duties “unfair, unjustified and unreasonable.”

Sources cited by The Economic Times declared that talks with the US are now in the final phase, focutilizing on lowering the tariff burden on Indian exports. The discussions reportedly include a proposal to reduce US import duties on Indian goods from 50 per cent to 15 per cent. “The contours of the deal are still being finalised,” one person aware of the talks declared.

On the India-EU front, Goyal declared that both sides have concluded neobtainediations on 10 of the 20 chapters of the proposed free trade agreement (FTA), while another four to five chapters have been agreed upon in principle. Trade neobtainediators from both regions will meet next week to address pfinishing issues related to sectors such as steel and automobiles, with the aim of completing the FTA talks by December.

Goyal expressed optimism about further progress when the EU Trade Commissioner visits India in late November. He declared that both sides are “recognising mutual sensitivities and strengths” as they work to close the remaining chapters of the deal.

The minister, who visited Brussels from October 26 to 28, met European Commissioner for Trade and Economic Security Maroš Šefčovič to discuss the FTA. “We have created significant progress in this three-day discussion… We have agreed to close 10 out of 20 chapters, another four or five chapters have in principle been broadly decided and on more and more issues, we are leading towards convergence,” Goyal informed reporters.

His trip followed the 14th round of neobtainediations between India and the EU, held from October 6 to 10.

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