India said on Wednesday that it has focused a statement on bilateral trade by the US President and is studying its implications.
A statement by the Ministry of Commerce and Industry said that India and the US are engaged in conversation at the conclusion of a fair, balanced and mutually beneficial bilateral trade agreement in the last few months.
“We are committed to that purpose,” the statement states.
It said that the government attachs immense importance to save and promote the welfare of our farmers, entrepreneurs and MSMEs.
The statement said, “The government will take all the steps necessary to secure our national interest, as is with other trade agreements including the latest comprehensive economic and trade agreement with the UK.”
US President Donald Trump today announced 25 percent tariff on India in his true social account in a social media post.
“Remember, while India is our friend, we have, in the last few years, they are relatively low business because their tariffs are very high, which is the most in the world, and they have the most loud and unpleasant non-modern business obstacles in any country. Also, they are always Russia as well as the biggest buyers of Russia,-everything is not good!
Trump was announced two days before the deadline of the adjacent American tariff of August 1, amidst the expectations of an interim Indo-US trade that helped to avoid high tariffs otherwise.
In the last few months, India and the US have been interacting for an interim trade deal, but there were some reservation from the Indian side for the US on the demand to open agriculture and dairy areas. Agriculture and dairy are important for India as both these areas provide livelihood opportunities to a large part of their people.
India allegedly face American demands, allowing reminked goods, opening agriculture and dairy, acceptance of genetically modified (GM) feed and adopting American rules on digital business and product standards. (AI)