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India-US Trade Deal to Be Finalised Once 'Preferential Rate' Is Offered, Says Piyush Goyal
Goyal said India will sign the deal once Washington offers tariff terms better than rival economies, after talks on an interim pact covering sensitive sectors.
- On Thursday, Commerce and Industry Minister Piyush Goyal said India will finalize the Bilateral Trade Agreement with the United States once Washington offers preferential tariff rates compared to competing economies.
- Negotiations for the pact have faced delays due to shifting US tariff landscapes, forcing India to seek tariff advantages over major competitors like Vietnam, Bangladesh, and Thailand to ensure price competitiveness.
- Addressing a workshop in New Delhi, Goyal detailed India's nine free trade agreements , spanning economies representing about $60 trillion in GDP, while setting a $1 trillion export target for the current year.
- Goyal will travel to the US in late September for the G-20 Trade Ministerial in Milwaukee, where he plans bilateral discussions with USTR Jamieson Greer regarding the trade pact.
- Urging stakeholders to focus on quality, Goyal warned that the window of opportunity to capitalize on these trade pacts is not infinite, as competitors will eventually secure similar benefits.
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BizToc
BizTocIndia Says US Trade Deal Hinges on Preferential Tariff Rate
Goyal said that India was looking at the tariff treatment available to competitors including Vietnam and Bangladesh and wanted rates that were either better or reduced to zero
·Hyderabad, India
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Future Of Trade Deal With US Hinges On Preferential Tariff Terms, Says Piyush Goyal
The minister pointed out that India is seeking a tariff treatment similar to what the US gives to its competitors, including Vietnam and Bangladesh, with rates either better or reduced to zero.
·New Delhi, India
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The final picture of the proposed India-US trade deal remains unclear. Union Minister Piyush Goyal has stated that the final details of the bilateral trade agreement will be made public only after the US secures preferential tariff rates for Indian products compared to competing countries.
Coverage Details
Total News Sources35
Leaning Left3Leaning Right11Center2Last UpdatedBias Distribution69% Right
Bias Distribution
- 69% of the sources lean Right
69% Right
L 19%
12%
R 69%
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