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Trade Agreement: Commerce and Industry Minister Piyush Goyal said on Wednesday that India is having active talks with America for the free trade agreement.
Trade Agreement: Commerce and Industry Minister Piyush Goyal said on Wednesday that India is having active talks with the US for the Free Trade Agreement. He said that in the national capital, talks are going on with the European Union on the trade agreement. Apart from this, he said that India is also interacting with the trade agreement with New Zealand. Goyal said at a program by Udyog Mandal FICCI that we are having active conversations with America and New Zealand. He said that India has already signed a trade agreement with Mauritius, EFTA Block, UK, UAE and Australia. He also said that we will soon finalize the second phase of the trade agreement with Australia. A trade agreement is also expected to be announced soon with Oman. India and Australia have already implemented an interim trade agreement in 2022 and are now negotiating to extend its scope to a comprehensive trade agreement.
Shrimp, clothes and leather business affected
Said that the US has imposed 50 percent import duty on Indian goods entering American markets since August 27. It is affecting the export of labor-intensive areas such as shrimp, cloth, leather and shoes. Said that India and America have been negotiating on bilateral trade agreement from March. Five round of talks have been completed between the two countries so far. The US team for the sixth round, which was scheduled to visit India last month, postponed their tour. Due to high tariffs, business relations between the two countries have become tense. However, sources said that things are on track. The two countries had announced the completion of the first phase of the Indo-US bilateral trade agreement by the autumn of 2025 in February. India and America are natural partners and teams from both sides are working to finalize the bilateral trade deal.
America third largest investor in India
Prime Minister Narendra Modi on Wednesday said in response to US President Donald Trump’s remarks that efforts are on to remove trade obstacles between the two countries. The conversation between the two leaders on social media is seen as an effort by New Delhi and Washington to re -establish their relations, facing increasing tension after Trump doubled the tariff on Indian goods in the last few weeks. The US President said that he was eager to talk to Modi in the coming weeks and expressed confidence that both sides would be able to finalize the proposed trade agreement. Modi said in a post on X that India and America are close friends and natural partners. America is the largest trading partner in India, which has a bilateral trade of US $ 191 billion in goods and services. America is also the third largest investor in India.
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