Union Commerce and Trade Minister Piyush Goyal said that India is in the advanced stage of negotiations with both the European Union and America for trade agreements. He said that talks with both regarding trade are now in their final stages.

America has imposed a penalty of 25 percent on India for purchasing oil from Russia. This is in addition to the 25 percent reciprocal duty on Indian goods entering the US markets. Overall, 50 percent additional import tariff is being imposed on Indian goods in America. New Delhi has called these tariffs unfair and imprudent.

‘Negotiations completed on 10 points with EU’

Speaking at an event in The Economic Times, Commerce and Industry Minister Piyush Goyal said that India and the European Union (EU) have completed negotiations on 10 out of 20 points of the proposed Free Trade Agreement (FTA), while an agreement has been reached in principle on the other 4-5 points. Trade negotiators from both sides will meet next week. Then sensitive issues including trade barriers on steel and automobiles will be resolved. His aim is to complete negotiations on a free trade agreement (FTA) by December.

EU Trade Commissioner will visit India in late November

Piyush Goyal said India hopes to achieve another breakthrough during the visit of the EU Trade Commissioner to India in late November and both sides are moving forward recognizing mutual sensitivities and strengths as they work to address shortcomings in other areas of the agreement.

Goyal had gone to Brussels recently

Let us tell you that Piyush Goyal was on a visit to Brussels from 26 to 28 October, where he met European Trade and Economic Security Commissioner Maros Shefkovic on the proposed India-EU Free Trade Agreement (FTA).

read this also

‘The darkest stain’, Hardeep Singh Puri said while remembering the anti-Sikh riots on the death anniversary of Indira Gandhi.

US President Donald Trump has once again given a strict economic warning to China. He said that if there is no trade agreement between America and China, then China will have to face tariffs of up to 155 percent. Trump made this statement during a meeting with Australian Prime Minister Anthony Albanese at the White House, where the two leaders signed an important agreement on mineral resources.

Trump said, “I think we are going to make a wonderful trade deal with China. This deal will be beneficial for both countries and the whole world.” He told that he is going to meet Chinese President Xi Jinping soon. Probably this meeting can be held in South Korea in the next few weeks.

What did Trump say about China?

Trump said, “I think China respects America very much now. They are already giving us a huge amount in the form of 55% tariff. But if there is no deal, from November 1 this rate will increase to 155%.”

He further said, “Earlier many countries took economic advantage of America, but now this will not happen. We are protecting our interests. This deal will be such that it will be beneficial for both America and China.”

Why is this statement important?

This statement of Trump has come at a time when China has imposed strict controls on the export of rare earth minerals used in smartphones, electric vehicles and defense technologies. These minerals are very strategically important for America.

Experts say that this tariff step of Trump is a direct response to these export restrictions of China. This may further inflame the already ongoing trade war between America and China.

The Trump administration has already imposed heavy tariffs on China, especially in 2018-19 when duties were increased on hundreds of billions of dollars of trade between the two countries. Now once again Trump has indicated that if China continues with its unfair trade policies, America will take strict steps to protect its industries and jobs.

Read this also-

The situation became bad due to conflict with Afghanistan, tomato prices soared in Pakistan, price reached Rs 700 per kg.