Commerce Minister Piyush Goyal on Monday said India’s applied tariffs on the U.S. average just 7–8%, calling them moderate and necessary to guard against unfair trade practices. In contrast, the U.S. recently imposed a 26% reciprocal tariff on India. Goyal declined to share details of the ongoing negotiations but emphasized that India is open to […]
India’s ‘applied tariffs’ to US only 7-8%, not humongous: Piyush Goyal
By initiating a tariff war, the US has caused disruptions resulting in India gaining a significant portion of its dairy export market. Numerous countries in India’s vicinity are likely to raise import duties on US products in retaliation, positioning India to capitalize on the opportunity to access newer export markets.
Non-trade issues take backseat in FTA talks
1 year ago
Developed countries are easing their stance on including non-trade issues like sustainability and environment in free trade agreement negotiations with India. This shift may help ongoing trade talks with the EU and UK. India prefers discussing non-trade issues at international platforms specifically meant for them. The EU’s trade barriers like the Carbon Border Adjustment Mechanism […]
Gujarat’s Alang ship-breaking yard hits all-time low, hopes pinned on global recycling boom
1 year ago
MV True Confidence, a doomed vessel from a missile attack, is set for dismantling in Alang, a declining ship-breaking hub facing economic challenges. Alang hopes for a revival with stricter green norms and incoming ageing vessels, despite the BIS regulation setbacks and increasing reliance on alternative inventories.
JNPA and DP World to settle royalty dispute
1 year ago
The Jawaharlal Nehru Port Authority and DP World have amicably settled a longstanding royalty dispute through conciliation. The resolution involves additional cargo commitments from DP World’s NSICT, making them eligible for volume discounts. This compromise, expected to boost traffic and revenue at JNPA, entails recovery of Rs 705 crore through future volume-based royalty discounts.
India to be patient in trade talks, to protect dairy, agriculture; Curb Chinese dumping: Officials
1 year ago
India is meticulously negotiating trade agreements in light of US-imposed tariffs, focusing on protecting sensitive sectors like dairy and agriculture. The government aims to prevent goods dumping from countries with steeper tariffs and provide support to impacted exporters. FTA discussions with the UK and other nations are showing good progress.
India emerges stronger in the US-India reciprocal tariffs scenario, negotiating favorable trade agreements and protecting domestic industries against dumping. The country is leveraging its bilateral talks, with New Delhi exploring measures to safeguard sensitive sectors and support impacted exporters amid escalating trade tensions.
India’s goods and services exports are estimated to surpass USD 800 billion in 2024-25, despite merchandise shipments remaining stagnant. Positive growth in merchandise exports is expected in 2025-26. The service exports saw a significant increase, reaching USD 354.90 billion during April-February 2024-25.
India is optimistic about finalising a Free Trade Agreement (FTA) with the European Union soon. During a recent visit, Indian Prime Minister Narendra Modi and European Commission President Ursula von der Leyen directed their teams to finalise the FTA within this year. Ongoing negotiations are progressing strongly, aiming to seal the deal by this year.
The US revised its reciprocal tariff against India from 27% to 26% among changes for 14 countries. Pharmaceutical, copper, and semiconductor tariffs are expected soon. Experts believe these changes could impact the US economy, potentially slowing growth in 2025 and possibly leading to a recession.