Future Of Trade Deal With US Hinges On Preferential Tariff Terms, Says Piyush Goyal
Indian Commerce Minister Piyush Goyal stated that a bilateral trade agreement with the US depends on Washington offering preferential tariff terms comparable to those given to competitors like Vietnam and Bangladesh. Negotiations have been complicated by shifting US tariff policies and the broader geopolitical balancing act India maintains with Russia and Iran.
Why it matters
This highlights the ongoing friction in US-India trade relations as both nations navigate protectionist policies and shifting global alliances.
Commerce and Industry Minister Piyush Goyal has said it will announce the India-US Bilateral Trade Agreement (BTA) only after Washington agrees to offer India preferential tariff terms over its competitors, pointing to a key sticking point in protracted negotiations between the two countries."As soon as the US is able to give us the preferential rate in comparison to our competition, we will finalise the BTA and announce the final details," Goyal said at a national workshop on leveraging free-trade agreements. 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."We have to see the rate that Vietnam pays in another country and what Bangladesh goods are charged.
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2 other newsrooms covered this event. We read each version separately.
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