New Delhi : US President Donald Trump shocked the whole world by applying mutual tariffs. This tax was levied on more than 60 countries. It includes many countries like India, China, Japan and European Union. At present, Trump has given 90 days exemption to other countries other than China. Trump has started talks with other countries. But India has decided to get out of the tariff through trade agreement.
Meanwhile, Commerce and Industry Minister Piyush Goyal said on Friday that the government would protect the interests of the country and people in a conversation with the US on the proposed bilateral trade agreement (BTA) and it would not be appropriate to take any step in haste. He said that all trade talks in the country are moving well with the ‘India first’ approach and setting the route towards ‘developed India 2047’.
What else did Goyal say?
When asked about the progress in the Indo-US bilateral trade agreement, Goyal told reporters, “We have said many times before we do not talk at the tip of guns.” It is a good thing to work on time but when it comes to national interest and public welfare, there is no hasty. The goal of the two countries is to finalize the first phase of the agreement by this year’s autumn (September-October). The agreement aims to increase bilateral trade from the current $ 191 billion to US $ 500 billion by 2030.
Regarding the European Union trade agreement, Goyal said that trade talks move forward only when the two sides are sensitive to each other’s concerns and needs. He said, “I can only say that all business talks with ‘India first’ approach are moving well and paving the way for ‘developed India 2047’.” Non-tariff barriers in the European Union
Businesses are facing many challenges. Meanwhile, speaking at the Italy-India Trade Forum, Goyal said that concrete steps need to be taken to complete the free trade rapidly. The agreement between India and the European Union will help strengthen economic relations between the two sides. He said that the India-West Asia-Europe Corridor (IMEC) gives India and Italy an opportunity to come close to each other. The minister also said that there is a need to promote uninterrupted trade and investment between India and Italy.
Need to encourage investment- Goyal
Goyal said that there is a need to encourage investment from both sides and to encourage industries to trade with each other without any obstruction. I believe that there is a lot of possibility of moving beyond $ 15 billion levels.
