Held 3 meetings in 35 days with EU trade commissioner to push FTA talks: Goyal
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Commerce and Industry Minister Piyush Goyal has held three meetings within a short span of 35 days with the European Commissioner for Trade Maros Sefcovic with an aim to give an impetus to the reposed negotiations for a free trade agreement Goyal said on Thursday that India has already signed similar agreements with four-European nation bloc EFTA and the UK.The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.Now, India is in the process of concluding the negotiations with the 27-nation bloc European Union."We have held three meetings in 35 days. It shows our shared commitment for the FTA... we are trying to do it faster," Goyal told reporters here.The minister is here on a two-day visit. He is meeting leaders and businesses to boost trade and investments between the two countries.The first and the second meetings between Goyal and Sefcovic were held on May 1 and May 23 in Brussels, while the third meeting concluded on June 2 in Paris.India and the European Union (EU) are likely to agree upon a comprehensive free trade agreement (FTA).In June 2022, India and the 27-nation EU bloc resumed negotiations for a comprehensive FTA, an investment protection agreement and a pact on GIs after a gap of over eight years.The negotiations stalled in 2013 due to differences over the level of opening up of the markets.On February 28, Prime Minister Narendra Modi and the European Commission President agreed to seal the much-awaited free trade deal by the end of this year.Goyal also said he is working with Italy and the EU for a "very" strong and mutually beneficial FTA."We are making rapid progress on the very very vibrant FTA which would open opportunities for businesses of both the sides," he said.On India-Italy bilateral trade, Goyal said it's "low and sub-optimal" and both sides need to work to boost the two-way commerce. Currently it stands around USD 15 billion in goods."Huge potential is there to boost bilateral trade," he said.Speaking at the briefing, Italian Deputy Prime Minister and Foreign Minister Antonio Tajani said Italy is looking at ways to boost exports to India as both are natural partners.He also sought Indian investments in Italy. He added bilateral talks with Goyal focused on ways to cut barriers to trade."Duties are never positive and our goal is to reduce it," Tajani said when asked about the US tariffs on steel and aluminium.
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Hindustan Times
33 minutes ago
- Hindustan Times
Soccer-Italy needs to upgrade ageing stadiums for club revenue boost, Euro 2032
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Time of India
35 minutes ago
- Time of India
Trump dying to announce victory in trade talks; India should not cave in: Swaminathan Aiyar
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Just like in the Indo-Pak conflict that we had recently. He is dying to announce that I have brought about peace and I want a Nobel he is dying to announce a number of victories. He has done it with Vietnam. He is close to having an interim deal if not a full deal with India. He wants to be able to announce a number of victories on trade by July 9th. Let us see on what terms those are being made. What is clear at this point is that neither Japan nor the European Union says that they are so afraid of the US and are going to give in. They are saying that they are going to continue and have very serious problems with US proposals, we are not going to keel those two biggest trading partners are not going to cave under. And if they continue, then in some sense it is a sign to India and others not to cave in. I have long said that one thing I could not understand is that we gave up the Google tax getting nothing in return, even before all this started. People said it is like putting sugar inside the other guy's mouth so that they will be in a more happy mood. I am sorry that is a stupid strategy as the Japanese have shown, as the Europeans have shown.I really think we should be tough and hold out. Our strength is that because we are short of oil and gas, we can be among the very few countries that are going to shrink their trade deficit with the USA. For most other countries including Vietnam, it is very difficult for the trade deficit to come down. But India can offer that because of our need for oil and gas. Once you put that in, even in the interim, he can claim partial was certainly open to saying there will be zero duty on US goods. The plain and simple fact is that they import very little from the USA. And if that comes in on zero duty, I mean they are perfectly happy to import a little more from the USA. Trump's problem is that the USA is uncompetitive on most items. So, if they say that import duty on cars comes down to zero, how many American companies are going to be competitive compared with the Japanese, the Koreans, and even with the Europeans. Vietnam was willing even earlier to say okay we are willing to do a zero of the big things is Trump says that all the Chinese goods are coming through you and also the Chinese companies are investing in you and they claim that this is a Vietnamese product and it is not because the value added is so little. That is some of the most difficult part. Apple and various other people have investments in Vietnam and if you say that I will put a very high duty on you because you are shipping parts from China, then it would make things very difficult. There is a Chinese company called Jinko Solar which made a huge investment in putting up solar panels and suddenly Americans are saying the value added is not enough and are threatening with a very high tariff. So, let us see how that works Vietnamese recognise that the United States is an important market. They have no problem opening their market and they will do what they can. I would simply say that in the history of all this, cheating always has not allowed Chinese companies to invest in India. So, the problem that the Chinese will be shifted to India is not an issue. What has been brought up as an issue is Apple because Apple is importing components massively from China and in India all that we are doing is assembling. There is no serious manufacturing of components. So, he is saying that India just adds 6% in value and moves it on. Why should I treat this as an Indian product, why should I not treat this as a Chinese product? So, I think that is the difficult area we as I said, India's advantage is that we can import oil and gas from the US and lower the trade deficit. China could also do that if it gives up Russia, but China will not give up Russia. So, I would say, India can massively increase its imports of oil and gas and therefore be in a better negotiating position. Other countries will find it very difficult because I do not think they are in a position to massively increase imports of energy. They will not be able to have a massive increase in exports of almonds, pistachio, and cashew which the USA wants them to do. They all have sensitive agricultural sectors. Nobody wants to open up their agricultural sectors. There is also the problem that America has genetically modified crops in the case of soybean and in the case of maize and in the case of wheat. If we allow this in, then we will not be allowed to export to Europe because Europe won't take genetically modified there is going to be action because Mr Trump wants to announce victories. If he has said, I am going to do 90 deals, imagine how many deals he will attempt to do in the next week, a very large number. And he will want to use the numbers to create an impression of a major victory. Without doubt, he is a stage actor who will attempt to show a very large number of victories. Even where there are partial agreements, as may be the case with India, he will play that up. If with Vietnam, there is zero import duty, he will play that up, even though Vietnam's imports are so small that it will not make a significant difference. He is an excellent actor. He is a performer on TV. He is a performer on the Trump is not going to find it easy to get everybody to agree to his terms, even though he is trying. Above all, he is treating the current account deficit of the United States of America as being a consequence of unfair trading by others. In terms of economics, that is dead wrong. A current account deficit represents a shortage of money to finance your own investment. Therefore, you have to get the money from outside. And the mirror image of that is a current account deficit. 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They are with him, they are his backers and they are all saying what is going to happen to us? If you start putting up tariff barriers and there are retaliations, the retaliations will come on agriculture. So, what you are doing is you are cutting our Mr Trump is very keen on showing victories on agriculture to mollify the farm belt in the United States which constitutes a solid backing for him. He is going to push that. Others will push back, as Japan has pushed back so conclusively. In India, the Jagaran Manch is dead against agricultural imports. You saw the impact of the farmers' protest against the reforms that were proposed a couple of years these circumstances, it is very difficult to see India giving way in agriculture. Maybe we can import some more pistachios and cashews. more apples and pineapples. do. On the serious areas of importing more genetically modified corn, maize and wheat, I just do not see India giving way at this stage and that may hold up a final agreement. Finally, we are not close to any kind of deal.
Mint
35 minutes ago
- Mint
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