“We are at the advanced stage of discussions with both EU and US for trade deals,” said Piyush Goyal.
The US has imposed 25 per cent tariffs on India as a penalty for purchasing oil from Russia. It is over and above the 25 per cent reciprocal tariffs on Indian goods entering American markets. Overall, Indian goods are attracting a steep 50 per cent additional import duties in the US. New Delhi has described these duties as “unfair, unjustified and unreasonable”.
Earlier, people familiar with the discussions told The Economic Times that negotiations are in the final stages, with talks focused on reducing US tariffs on Indian exports, possibly cutting them to 15% from the current 50%. “The contours of the deal are still being finalised,” one person aware of the talks said.
India-EU trade talks:
India and the European Union (EU) have concluded negotiations on 10 out of 20 chapters of the proposed free trade agreement (FTA), while another 4-5 chapters have been settled in principle, commerce and industry minister Piyush Goyal said Wednesday.
Trade negotiators of the two sides will meet next week to iron out sensitive issues, including trade barriers on steel and automobiles. They aim to conclude the FTA negotiations by December.Goyal said India expects a further breakthrough when the EU trade commissioner visits India in late November and that both sides were moving ahead “recognising mutual sensitivities and strengths” as they work to bridge gaps in the remaining areas of the pact.The minister was on a visit to Brussels from October 26 to 28 where he met European commissioner for trade and economic security MaroS Šefcovic on the proposed India-EU FTA.
“We have made 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 told reporters.
His visit follows the conclusion of the 14th round of talks between the two sides from October 6 to 10.
