US-India Trade Accord: Paving New Avenues Amid Russian Oil Controversy
Union Commerce Minister Piyush Goyal has addressed concerns over India's purchase of Russian oil, stating that the Ministry of External Affairs will provide clarity. Meanwhile, the US and India have announced an interim trade agreement framework that promises zero duty on Indian agricultural exports to the US, while safeguarding domestic interests.
- Country:
- India
Union Commerce Minister Piyush Goyal announced Saturday that the Ministry of External Affairs will provide updates on India's procurement of Russian oil. When questioned about halting the purchases, a step reportedly encouraged by the US, Goyal deferred, emphasizing that the MEA would be the authoritative voice on the matter.
The announcement followed news of an interim US-India trade agreement aimed at fortifying economic ties. This pact includes a pledge for zero-duty export of Indian agricultural products to the US, a move expected to benefit Indian farmers and MSMEs while ensuring no tariff reductions for US agricultural imports into India. Goyal confirmed that genetically modified foods would not enter the Indian market.
The agreement outlines a reciprocal 18 percent tariff imposed by the US on Indian goods, spanning textiles, apparel, and more. Upon successful execution, these tariffs are poised for future removal, potentially reviving an ailing gem and jewelry sector highlighted by GJEPC Chairman Kirit Bhansali. The US remains a significant market for Indian exports.
ALSO READ
-
In trade negotiations, there can be no deadline, says Commerce Minister Piyush Goyal on when 18 pc US tariffs will be eliminated.
-
Among all stakeholders, largest is consumer; if 140 crore Indians get cheaper goods, why not: Commerce Minister Piyush Goyal.
-
US market will give farmers ''much bigger value'', farmers' income will increase: Commerce and Industry Minister Piyush Goyal.
-
Trade deal with US will ''ultimately help our farmers'', who already export USD 55 bn agri, fish products: Commerce Minister Piyush Goyal.
-
Commerce Minister Piyush Goyal dismisses criticism that India gave more to US by accepting an 18 pc tariff and giving it duty-free access.
Google News