Finance
India is expected to implement the first tranche of its Bilateral Trade Agreement (BTA) with the United States in a matter of days, lowering tariffs on domestic exports to 18%, Commerce and Industry Minister Piyush Goyal announced on Thursday.
The minister stated that a joint statement between India and the United States will be released over the next four to five days. The reduced 18% US duty on Indian imports would take effect after an executive order is issued in response to the statement.
“A more comprehensive and formal agreement is targeted for signing by mid-March,” he added.
Goyal further stated that India has already entered into a record eight trade agreements and the first tranche of the BTA with the US will soon become the ninth. The FTAs signed by India under PM Narendra Modi will help in the thrust to modernise India, he added.
“The FTAs signed under PM Modi help us in our thrust to modernise India,” said the minister.
Goyal also stated that India will sign the terms of reference for a free trade agreement with the Gulf Cooperation Council (GCC), reviving discussions that had been continuing for over two decades.
According to Goyal, a comprehensive free trade agreement with all six GCC countries would increase policy stability, attract investment, and strengthen food and energy security.
Food processing, infrastructure, petrochemicals, and information and communications technology are just a few of the sectors that will profit greatly from the India-Gulf Cooperation Council (GCC) Free Trade Agreement. India’s bilateral trade with the GCC is now valued at $179 billion.
He noted that the India-GCC Free Trade Agreement will serve as a force multiplier for global good.
Meanwhile, Goyal said in the Lok Sabha on Wednesday that the interests of India’s farmers have been preserved in the India-US trade agreement, which excludes agricultural and dairy products.
The minister stated that India has effectively protected sensitive industries such as agriculture and dairy, while also prioritizing food and farming concerns in the India-US trade pact.
He stated that the collaboration will provide new opportunities for MSMEs, skilled workers, and industry, strengthen bilateral ties, and assure energy security, which is still a key priority for 140 crore Indians.
The minister said that the trade deal “will simplify the reach to advanced technologies and help in realising India’s ‘Make in India for the World’, ‘Design in India for the World’ and ‘Innovate in India for the World’.”
Source: IANS
