US, India in talks on trade deal that may cut tariff below 20%

The US is reportedly working towards an interim trade deal with India, potentially setting tariffs below 20%, a favorable position compared to other Asian nations. This arrangement allows for continued negotiations, aiming to resolve outstanding issues before a broader agreement expected this fall.

India has declined Australia’s request for lower tariffs on dairy and alcohol. This move is slowing down the trade agreement talks between the two nations. Indian officials are concerned about the impact on local farmers and the wine industry. Australia seeks better access for its dairy products. Despite this, both countries are still hopeful for […]

India and the US are actively negotiating a trade deal. Indian negotiators will soon visit the US to advance talks. Both countries aim to finalize the first phase by Fall. An interim trade deal is also being considered. India has already implemented multiple FTAs and seeks to integrate further with major economies.

India has adjusted its plan for retaliatory tariffs on the US due to increased duties on steel and aluminium. The WTO received India’s request to modify tariffs on American goods. This action follows the US raising tariffs to 50 percent. India’s move aims to collect equivalent duties from US products.

The Singapore Indian Chamber of Commerce and Industry (SICCI) has lauded the government’s Business Adaptation Grant, designed to help local businesses, especially SMEs, navigate the complex cross-border tax landscape impacted by US trade tariffs. Capped at SGD 1,00,000 per company, the grant supports businesses in areas like supply chain review and exploring new markets.

Commerce and Industry Minister Piyush Goyal stated that free trade agreements with developed markets like Australia, UAE, and the UK will significantly enhance market access for India’s agricultural sector. Despite a global slowdown, India’s agri exports reached Rs 4 lakh crore. These FTAs aim to open new opportunities for the sector.

India’s specialty fertilizer imports face disruption as China halts exports, prompting a shift to pricier alternatives from Europe, Russia, and West Asia. This situation, impacting crucial nutrients like MAP and CN, is expected to raise prices and potentially affect the productivity of India’s horticulture sector.

Indian iron ore pellet makers are concerned about a surge in imports, allegedly from Iran via Oman, circumventing U.S. sanctions. These cheaper imports threaten the domestic industry, causing producers to operate at reduced capacity. The Indian Ministry of Steel is reviewing a petition from the Pellet Manufacturers Association of India regarding these concerns.

Commerce and Industry Minister Piyush Goyal stated that India’s agri and fishery exports could surge to Rs 20 lakh crore with enhanced food processing, quality packaging, and branding. Currently, these exports stand at Rs 4-4.5 lakh crore. He emphasized the potential by citing examples of value-added food products and the growing global demand for millets […]

Narendra Modi is visiting Namibia. India aims to import uranium from Namibia. Recent oil and gas finds in Namibia are of interest to India. Defence cooperation is also on the agenda. Modi will meet with Namibian President Netumbo Nandi-Ndaitwah. He will address parliament and interact with the Indian community. Discussions on Project Cheetah 2 are […]