Commerce Minister Piyush Goyal to meet exporters, industry on Feb 11

New Delhi: Commerce and Industry Minister Piyush Goyal will meet industry associations and export promotion councils on Wednesday. The meeting assumes significance in the wake of India finalising trade pacts with the US and the European Union (EU).

“A meeting is being planned in the wake of the trade deals,” said an official.

India has finalised trade deals with the US and the EU in the last ten days. India and the US have finalised a framework for signing the first phase of the bilateral trade agreement (BTA) wherein the US has agreed to reduce the 25% reciprocal tariffs on Indian goods to 18%. It has eliminated the punitive 25% tariffs on India, which was imposed in August last year for purchasing Russian crude.


Exporters said that though Washinton has agreed to lower the reciprocal tariff to 18%, issues such as when it will be implemented and the clauses related to oil purchases need clarity.

“There are a lot of things that could be discussed. The US has said it can snap back the 25% penal tariffs if India resumes purchases of Russian oil. Also, US President Donald Trump has signed an executive order threatening to impose additional tariffs on countries that continue to trade with Iran. This needs clarity,” said an exporter.

“There could be discussions on when this interim framework would become final agreement,” said a representative of the textile industry.

India last month announced the conclusion of negotiations for a free trade agreement (FTA) with the 27-nation EU bloc.