Piyush Goyal Sees Wide Open Spaces for Bilateral Deals with Developed Countries

Union Commerce Minister Piyush Goyal highlighted India's ability to drive bilateral trade with developed countries to higher levels amidst global uncertainty. In a release on Monday, he emphasized India's comparatively low 7–8% applied tariffs on US goods as responsible steps against unfair treatment. Whereas corresponding US tariffs are set to rise to 26% on April 9, Goyal is optimistic about the speeding up of bilateral agreements and access to alternative markets.

Goyal attacked China's trade practices and demanded cooperation among countries that believe in fair trade. He emphasized India's focus on "re-globalization," capitalizing on market volatility for expansion. The government is aggressively pursuing FTAs with the EU, UK, and ASEAN to enhance economic resilience and reduce the impact of tariffs.

A meeting with the exporters on April 9 will deliberate on how to respond to US tariffs and continue keeping India competitive in the international economy.

 

Source: Tribune India, Economic Times, Bloomberg