Adequate safeguards for India in trade agreement with US: Goyal
New Delhi (PTI): Commerce and Industry Minister Piyush Goyal on Sunday said adequate safeguards are in place in the trade agreement with the US to protect the interests of farmers and the domestic industry from any significant increase in imports.
The trade deal with the US will "ultimately help our farmers", who are already exporting USD 50-55 billion worth of agricultural and fish products, he said.
The minister added that Indian goods will have a competitive advantage in the American market due to the 18 per cent tariff, as competitor nations such as China face tariffs as high as 35 per cent, while other countries are subject to levies of over 19 per cent.
"This is a two-page document (the India-US joint statement)," he told PTI Videos in an interview.
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Citing the example of the free trade agreement with the European Union, Goyal said he went to the Cabinet with a large set of documents related to the India-EU trade deal.
"So, it's a lot of things, which are yet to be brought in. And it cuts both ways. I'm sure the United States would equally want to safeguard, if we flood their market... It's something which is a normal outcome of any negotiation.
"So, it's work in progress...Safeguards are always there. So, it's something which, if anybody is trying to highlight that it's not in this two-page joint statement, is trying to mislead the people, and there's still a lot of clarity required," he said.
He added that both India and the US have sensitivities about a certain set of products, and both have safeguards for those.
"We've safeguarded all of them," he said, adding that India has not granted any duty concessions in dairy products. GM (genetically modified) products, meat, poultry, soya meal and corn.
But, there are some pulses and lentils, which India imports, and "we have given them some access, market access," he said.
"Ultimately, it has to be a give and take. So, if I don't give anything, how will I open the market for my farmers in the US?" he said.
India has opened its sectors in a very calibrated manner, the minister said.
"Every one of them is very balanced, very well thought of and will support the India growth story and finally support Indian farmers, who also want to export their products, particularly processed products, to the rest of the world. So, it's a calibrated opening," he said.
On dry fruits, he said, India is importing about three and a half billion dollars of dry tree nuts, and of that, already a billion dollars comes from the US.
"I have no problem if it comes from the US. It helps the consumers. By the way, amongst all stakeholders, the largest stakeholder is the customer, 1.4 billion Indians," he said, adding that "if they (consumers) get something cheaper, why not?".
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Trump says EU has until July 4 to approve last year's trade deal or it will face higher tariffs
Washington (AP): President Donald Trump has said in a social media post that goods from the European Union would face higher tariff rates if the 27-member bloc fails to approve last year's trade framework by July 4.
The announcement on Thursday appeared to be a deadline extension after the president said last Friday that EU autos would face a higher 25 per cent tariff starting this week. Trump made the updated announcement after what he described as a "great call" with European Commission President Ursula von der Leyen.
Still, the US president was displeased that the European Parliament had yet to finalize the trade arrangement reached last year, which was further complicated in February by the US Supreme Court ruling that Trump lacked the legal authority to declare an economic emergency to impose the initial tariffs used to pressure the EU into talks.
"A promise was made that the EU would deliver their side of the Deal and, as per Agreement, cut their Tariffs to ZERO!" Trump posted. "I agreed to give her until our Country's 250th Birthday or, unfortunately, their Tariffs would immediately jump to much higher levels."
It was unclear from the post whether Trump was implying that the tariff rates would jump on all EU goods or the increase would only apply to autos.
His latest statement indicates he might be backing away from his earlier threat on EU autos by giving the European Parliament several more weeks to approve the agreement.
Under the original terms of the framework, the US would charge a 15 per cent tax on most goods imported from the EU.
But since the Supreme Court ruling, the administration has levied a 10 per cent tariff while investigating trade imbalances and national security issues, aiming to put in new tariffs to make up for lost revenues.
