Government’s statement on 25% tariffs in America, said- fair, balanced and beneficial trade agreement
Government On Wednesday, it said that it was studying the impact of US President Donald Trump’s announcement of 25 percent tariff and penalty on Indian products from 1 August. The government says it is still hopeful for a fair, balanced and mutually beneficial bilateral trade agreement (BTA). An official statement said that the government will take all necessary steps to protect the national interests of the country, as has been done in the case of other trade agreements including the recent agreement with Britain.
Trade with Russia knocking in America’s eyes
Donald Trump has announced 25 percent tariff on all goods coming from India. Also, he has announced a penalty with this tariff to buy military equipment and crude oil from Russia. According to an official statement, “The government has paid attention to the statement of the US President on bilateral trade. The government is studying its impact.” India and the US have been interacting on a fair, balanced and mutually beneficial bilateral trade agreement (BTA) for the past few months.
Government will take all necessary steps to protect national interests
According to the statement, “We are still committed to that purpose.” The government said in the statement, “We give supreme importance to the welfare and promotion of farmers, entrepreneurs and micro, small and medium enterprises (MSMEs). The government will take all the necessary steps to protect its national interests, as has been made in case of other trade agreements including the recent comprehensive economic and trade agreement (CETA) with Britain.”
Negotiations continue on BTA between the two countries
The two countries are interacting on BTA since March, which aims to increase bilateral trade of goods and services from the current $ 191 billion to $ 500 billion by 2030. So far, five rounds of talks have been completed. For the sixth round of talks, the US team has been visiting India from 25 August. Their goal is to meet the first phase of the agreement by September-October this year. Both sides are also considering an interim trade agreement before BTA.
With PTI inputs
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