Union Commerce and Trade Minister Piyush Goyal.
Speaking at an event, Union Commerce and Trade Minister Piyush Goyal said that India is in the final phase of negotiations with both the European Union and America for trade agreements. Piyush Goyal said that we are in the final stages of negotiations with both the European Union and America for trade agreements. America has imposed a penalty of 25 percent on India for purchasing oil from Russia. This is different from the reciprocal tariff of 25 percent on Indian goods entering US markets.
Overall, an additional import duty of 50 percent is being imposed on Indian goods in America. New Delhi has called these charges unfair. Earlier, people familiar with the discussions had told ET that the talks are in the final stages, and the talks are focused on reducing US duty on Indian exports, possibly to 15 per cent from the current 50 per cent. A person familiar with the talks said the contours of the agreement were still being finalized.
India-European Union trade talks
Commerce and Industry Minister Piyush Goyal said on Wednesday that India and the European Union (EU) have completed negotiations on 10 out of 20 chapters of the proposed Free Trade Agreement (FTA), while an in-principle agreement has been reached on the other 4-5 chapters. Trade negotiators from both sides will meet next week to resolve sensitive issues including trade barriers on steel and automobiles. Their aim is to complete FTA negotiations by December. Goyal said India hopes to get another breakthrough from the visit of the EU Trade Commissioner to India in late November and both sides are moving forward “recognizing mutual sensitivities and strengths” as they work to bridge the gaps in the remaining areas of the agreement.
The Minister was on a visit to Brussels from October 26 to 28, where he met European Trade and Economic Security Commissioner Maros Shefkovic on the proposed India-EU Free Trade Agreement (FTA). Goyal told reporters that we have made significant progress in these three-day discussions… We have agreed to close 10 chapters out of 20, the other four or five chapters have been broadly decided in principle and we are moving towards agreement on more and more issues. His visit is taking place after the conclusion of the 14th round of talks between the two sides from 6 to 10 October.