US President Donald Trump’s tariff pose is about to end on 9 July. By the way, the US has been traded with many countries or is on the verge of being. India is also named in this list. But the kind of news that is coming about this deal, India and America are adamant about their words. At the same time, India has also taken a tough stand on the deal and has shown its attitude to America i.e. Donald Trump.
The country’s Commerce and Industry Minister Piyush Goyal has made it clear that India does not make a trade deal on the base of the deadline and will accept the proposed trade agreement with the US only when it takes the final form, it will be done properly and will be in the national interest. After this statement, a new question has arisen whether America will be happy with this statement of India? Will there be a trade deal between India and America? Let’s try to understand this.
India responded with attitude
Goyal said in his statement that India is interacting with various countries including European Union, New Zealand, Oman, America, Chile and Peru. When asked about the proposed interim trade agreement with the US, he said that this FTA is possible only when it is beneficial for both sides. Goyal said that national interest should always be at the top. Keeping this in mind, if there is an agreement, then India is always ready to enter into an agreement with developed countries.
Asked about the possibility of interim trade agreement with the US by July 9, Goyal said that India never makes any trade agreement on a time -limit or fixed time basis. We will accept it when the agreement is well, finally finalized and will be in the interest of the country. He said that there is no plan to go to Washington for business talks at the moment.
26 percent tariff was imposed
US President Donald Trump imposed an additional 26 percent counter -duty duty on the products imported from India on April 2. However, a few days later it was postponed for 90 days i.e. till July 9. Meanwhile, 10 percent of the original fee levied by the US is still applicable. Before the end of July 9, India and America are trying to finalize an interim trade agreement. For this, several rounds of talks have been held at the level of officers and ministers of both sides.
The deal with EFTA will be completed next month!
On the other hand, Piyush Goyal gave information about FTA along with European block. He said that the free trade agreement between India and European block EFTA of four countries is likely to be implemented in the next few months. Both sides signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. Under the agreement, India has received an investment commitment of US $ 100 billion in 15 years from the group. On the other hand, many products like Swiss watches, chocolate and chopped and polished diamonds will be charged low or zero fee.
Goyal said at a program in SGS India here that I think it should be implemented in the next few months. Members of the European Free Trade Association (EFTA) are Iceland, Lystantine, Norway and Switzerland. Goyal said about the government’s initiative to promote the manufacture of quality products in the country that 156 Quality Control Orders (QCOs) have been issued to reduce the imports of inferior goods in the last 10 years.