Trade deal with America will be cleared by this month, big update amid Trump tariff

News Topical, Digital Desk : Commerce and Industry Minister Piyush Goyal has indicated that the first phase of the bilateral trade agreement (BTA) between India and the US will be completed by November this year.

Speaking at an event in Patna on Thursday, Goyal said that talks on BTA between the two countries began in March this year and the talks are going on very seriously and in a cordial atmosphere. Both countries are satisfied with the progress of talks on the trade agreement.

An agreement between the two parties may be reached by November

He expressed hope that both sides will reach a good agreement by the coming November. This indication by Goyal has brought relief to the exporters who are completely dependent on the US market, but they say that they will get some benefit only after at least 25 percent of the current 50 percent tariff is removed.

He says that President Trump keeps changing his statements about India again and again. Till a few days ago, Trump was calling India a tariff king and said that America will not sign any trade agreement with India. Two days ago, he said that both the countries are in talks regarding a trade agreement. 

EU trade commissioner is also coming to India for talks on trade agreement

Exporters to the US market said that if the first phase of BTA is completed by November, they will have to bear a loss of only one month. From August 27, the US has imposed an additional duty of 25 percent, due to which there will be a 50 percent duty on goods going to the US from September. If the US buyer feels that the duty on India will be reduced after November, then they will continue to buy goods from India and will not go to any other country.

However, Indian exporters have started exploring their export possibilities in other markets of the world to compensate for the loss in the US. This week the European Union Trade Commissioner is also coming to India to negotiate a trade agreement with India.

India has already signed a trade agreement with Britain. However, the trade agreement with the EU and Britain will be implemented only next year.

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