Commerce Minister Piyush Goyal said on Friday that India does not sign trade deals just to meet deadlines. Instead, the country focuses on what is fair and beneficial for the nation.
Speaking to reporters, Goyal said, “Trade agreements should benefit both sides. India never negotiates deals just to meet a deadline. Our priority is always the country’s best interest.”
When asked whether the India-US trade deal would be finalised before the July 9 deadline, he replied that India only signs deals that are in the national interest. He also mentioned that ongoing trade talks are happening with several countries like the EU, New Zealand, Oman, and Chile.
He also clarified that he won’t be visiting Washington DC soon due to the upcoming Parliament session. However, India remains open to fair trade deals with developed countries.
Focus on Toy Manufacturing
At the 16th International Toy Biz Exhibition, Goyal announced that the government will launch a special scheme to support domestic toy makers. This scheme will offer rewards based on production and jobs created.
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Ongoing India-US Trade Talks
A high-level Indian team, led by Chief Negotiator Rajesh Agrawal, recently returned from Washington after trade talks held between June 26 and July 2. However, the discussions didn’t reach a conclusion.
Key issues in the agriculture, dairy, and automobile sectors are still being worked out.
India Responds to US Tariffs
On Friday, India informed the World Trade Organisation (WTO) that it will impose higher tariffs on some US-made products. This is in response to the US increasing duties on cars and auto parts.
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The US had imposed a 25% extra tax on imported passenger vehicles, light trucks, and some auto parts on May 3.
India has objected to this move, saying it violates WTO rules and the US did not give proper notice.
India now plans to raise duties on selected US goods after 30 days, which is allowed under WTO rules.
