The post No Concern Over 500 Billion Dollar Imports From US in Five Years, Says Piyush Goyal appeared first on The Edge Media.
]]>Speaking in New Delhi, Goyal explained that India currently imports goods worth nearly 300 billion dollars from the US. With steady economic expansion, this figure could rise significantly in the coming years. He stated that India’s economy is expected to create demand worth nearly two trillion dollars, making higher imports manageable. He assured that while India welcomes trade, it will remain competitive in the global market.
Goyal emphasized that adequate safeguards have been incorporated in the trade understanding with the United States to protect the interests of Indian farmers and domestic industries. He said that the government has carefully negotiated the terms to ensure that sensitive sectors are not adversely affected.
Referring to the livestock and poultry sectors, the minister noted that India has agreed to certain tariff rate quotas for products such as corn based animal feed, also known as DDGS. He said this decision would strengthen the poultry and animal husbandry sectors by ensuring access to quality feed at competitive prices.
Goyal added that India is negotiating trade agreements with confidence and strength. He pointed out that India could access a market worth 35 trillion dollars in the future through such partnerships. According to him, the objective of these agreements is to expand opportunities for Indian goods and services globally.
The minister further stated that Indian farmers are already exporting agricultural products worth 50 to 55 billion dollars. With improved access to international markets, including the United States, farmers are expected to benefit from better prices and higher demand. He highlighted that Indian products will gain a competitive advantage in the American market, especially when compared with countries that face higher tariffs.
Meanwhile, political reactions have also emerged. Punjab BJP president Sunil Jakhar said that the India US trade understanding would boost economic development and create new employment opportunities for youth. He remarked that the agreement was finalized after detailed discussions and careful consideration.
On the other hand, the Communist Party of India Marxist expressed concern, alleging that the agreement could pose risks to the country’s economic sovereignty. The party claimed that excessive concessions may have been granted to the United States. In response, the Prime Minister’s Office clarified that national interests remain paramount in all trade negotiations.
Overall, the government maintains that the proposed expansion in trade with the United States will strengthen India’s economy, generate jobs, support farmers, and safeguard domestic industries while enhancing India’s position in global markets.
The post No Concern Over 500 Billion Dollar Imports From US in Five Years, Says Piyush Goyal appeared first on The Edge Media.
]]>The post India US Trade Deal Likely in First Half of the Year Says Ian Bremmer appeared first on The Edge Media.
]]>
Ian Bremmer shared an optimistic outlook on the agreement with media and indicated that progress is firmly on track. He stated that while the tariff hike has drawn attention this year, its overall impact is unlikely to dominate India’s risk landscape in the following year.
Negotiations between India and the United States have been underway for several months, but the pace slowed after relations became strained in August last year. This followed Washington’s decision to impose a 50% tariff on certain Indian exports, citing India’s continued import of Russian oil. The move added complexity to the talks and affected momentum.
Prime Minister Narendra Modi last held discussions with former US President Donald Trump on December 11, shortly after Russian President Vladimir Putin’s visit to India. Later in December, US Deputy Trade Representative Rick Switzer visited India, after which Commerce Minister Piyush Goyal confirmed that the discussions with the United States had reached an advanced stage.
Earlier, Donald Trump also commented on his relationship with Prime Minister Modi, noting that despite cordial ties, there were disagreements related to tariffs and oil imports. He acknowledged that India has significantly reduced its oil purchases from Russia, which may influence future trade decisions.
The lack of a clearly defined timeline and the evolving nature of negotiations have increased pressure on Indian exporters as the new financial year approaches. Key domestic export industries, including leather, chemicals, footwear, gems and jewellery, textiles, and shrimp, have faced severe challenges due to the 50% US tariff and are now looking toward the proposed trade deal for potential relief in the near term.
The post India US Trade Deal Likely in First Half of the Year Says Ian Bremmer appeared first on The Edge Media.
]]>The post India and US Close to Finalizing Bilateral Trade Agreement: Official appeared first on The Edge Media.
]]>According to the official, negotiations have entered the final phase, and discussions are currently focused on finalizing the wording and structure of the agreement. “We are very close to sealing the deal,” the official noted, emphasizing that only minor differences remain to be resolved.
The talks, which have been progressing steadily, no longer face any major obstacles. “Both sides are converging on most matters, and there are no new contentious issues,” the official added.
So far, five rounds of discussions have been completed between New Delhi and Washington as part of the first phase of the trade pact. The agreement is expected to strengthen economic cooperation and boost bilateral trade relations between the two countries.
The post India and US Close to Finalizing Bilateral Trade Agreement: Official appeared first on The Edge Media.
]]>