Goyal says India close to trade agreements with EU,US

Union Minister for Commerce and Industry Piyush Goyal said that India is at an advanced stage of discussions with both the European Union (EU) and the United States (US) for trade agreements. Speaking at the ET Startup Awards, Goyal noted that the ongoing negotiations with the two major economies are progressing steadily, with both sides working to resolve key trade barriers.India is seeking to address high tariffs imposed by the US on its exports. The US currently levies a 25 per cent tariff on India as a penalty for purchasing oil from Russia, in addition to the 25 per cent reciprocal tariffs on Indian goods entering American markets. As a result, Indian exports face an effective 50 per cent additional import duty in the US. New Delhi has described these duties as “unfair, unjustified, and unreasonable.”According to information, the discussions are in the final stages, focusing on reducing US tariffs on Indian exports—potentially bringing them down to 15 per cent from the current 50 per cent. The contours of the agreement are being finalised as both sides work toward a mutually beneficial outcome.
India-EU Trade Talks 
On the India-EU front, negotiations for a free trade agreement (FTA) have gained significant traction. India and the EU have concluded negotiations on 10 out of the 20 chapters of the proposed FTA, while another 4–5 chapters have been settled in principle, Goyal said. Trade negotiators from both sides are set to meet next week to resolve pending issues, particularly those related to trade barriers on steel and automobiles. The goal is to finalise the FTA by December.India expects further progress when the EU Trade Commissioner visits New Delhi in late November. Both sides are moving forward “recognising mutual sensitivities and strengths” as they work to bridge the remaining gaps in the agreement.
Goyal’s recent visit to Brussels from October 26 to 28 marked a key milestone in the talks. During his visit, he met European Commissioner for Trade and Economic Security Maroš Šefčovič to review the progress of the proposed FTA. “We have made significant progress in this three-day discussion. We have agreed to close 10 out of 20 chapters, another four or five chapters have in principle been broadly decided, and on more and more issues, we are leading towards convergence,” Goyal said, according to information.His visit followed the conclusion of the 14th round of talks between the two sides held from October 6 to 10. Both parties remain optimistic that the agreement will open new opportunities for bilateral trade and strengthen the strategic partnership between India and the European Union.

(Business Correspondent)