US withdrawal from Iran nuclear deal benefits no one: Rouhani
Vienna, July 5 : Iranian President Hassan Rouhani, who's on a visit here on Wednesday, said that no one will get benefits from US withdrawal from the nuclear deal.
"Not the US, not any other country would benefit from this decision to withdraw from the accord," he said.
He told a press conference that Tehran would prefer to stay in the deal and continue to cooperate and meet its obligations, if the remaining signatories respect its interests, Xinhua reported.
Rouhani was in Vienna on Wednesday on his second leg of his European tour, which also brought him to Switzerland.
As the United States is reinstating sanctions on Iran, Rouhani is trying to seek supports from EU countries to secure Tehran's interests under the nuclear deal.
Iran signed the landmark nuclear deal (Joint Comprehensive Plan of Action) with the United States, Britain, France, Russia and China plus Germany in 2015 to halt its nuclear weapons program in exchange for sanctions relief.
However, US President Donald Trump decided on May 8 to quit the deal and vowed to re-impose sanctions, including oil embargo, on Tehran, on grounds that the deal had failed to prevent Iran from developing nuclear weapons or supporting terrorism in the region.
The US withdrawal from the landmark nuclear deal has been widely criticized, as some of its major European allies have been working to prevent the 2015 deal from falling apart.
Rouhani also discussed other issues in the Middle East region with Austrian Chancellor Sebastian Kurz.
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India proposes preferential trade agreement with Mexico to deal with high tariffs
New Delhi (PTI): India has proposed a preferential trade agreement (PTA) with Mexico to help domestic exporters deal with the steep tariffs announced by the South American country, a top government official said on Monday.
Mexico has decided to impose steep import tariffs - ranging from about 5 per cent to as high as 50 per cent on a wide range of goods (about 1,463 tariff lines) from countries that do not have free trade agreements with Mexico, including India, China, South Korea, Thailand and Indonesia.
Commerce Secretary Rajesh Agrawal said that India has engaged with the country on the issue.
"Technical level talks are on...The only fast way forward is to try to get a preferential trade agreement (PTA) because an FTA (free trade agreement) will take a lot of time. So we are trying to see what can be a good way forward," he told reporters here.
While in an FTA two trading partners either significantly reduce or eliminate import duties on maximum number of goods traded between them, in a PTA, duties are cut or removed on a limited number of products.
Trading partners of Mexico cannot file a compliant against the decision on imposing high tariffs as they are WTO (World Trade Organisation) compatible.
The duties are within their bound rates, he said, adding that their primary target was not India.
"We have proposed a PTA because its a WTO-compatible way forward... we can do a PTA and try to get concessions that are required for Indian supply chains and similarly offer them concessions where they have export interests in India," Agrawal said.
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Citing support for local production and correction of trade imbalances, Mexico has approved an increase in MFN (most favoured nation) import tariffs (5-50 per cent) with effect from January 1, 2026 on 1,455 tariff lines (or product categories) within the WTO framework, targeting non-FTA partners.
Preliminary estimates suggest that this affects India's around USD 2 billion exports to Mexico particularly -- automobile, two-wheelers, auto parts, textiles, iron and steel, plastics, leather and footwear.
The measure is also aimed at curbing Chinese imports.
India-Mexico merchandise trade totalled USD 8.74 billion in 2024, with exports USD 5.73 billion, imports USD 3.01 billion, and a trade surplus of USD 2.72 billion.
The government has been continuously and comprehensively assessing Mexico's tariff revisions since the issue emerged, engaging stakeholders, safeguarding the interests of Indian exporters, and pursuing constructive dialogue to ensure a stable trade environment benefiting businesses and consumers in both countries.
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Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai has said that Mexico's decision is a matter of concern, particularly for sectors like automobiles and auto components, machinery, electrical and electronics, organic chemicals, pharmaceuticals, textiles, and plastics.
"Such steep duties will erode our competitiveness and risk, disrupting supply chains that have taken years to develop," Sahai said, adding that this development also underlines the little urgency for India and Mexico to fast-track a comprehensive trade agreement.
Domestic auto component manufacturers will face enhanced cost pressures with Mexico hiking duties on Indian imports, according to industry body ACMA.
