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New Indian Express
2 days ago
- Business
- New Indian Express
'Modi will bow to Trump': Rahul Gandhi attacks PM ahead of US tariffs deadline
Congress leader Rahul Gandhi on Saturday stepped up his criticism of Prime Minister Narendra Modi over a potential Indo-US trade deal, alleging that Modi would "bow" to US President Donald Trump ahead of an impending tariff deadline. The Lok Sabha LoP's comments came a day after Commerce Minister Piyush Goyal said India would not enter into any agreement under externally imposed deadlines. "Piyush Goyal can beat his chest all he wants, mark my words, Modi will meekly bow to the Trump tariff deadline," Gandhi said in a post on X. Trump had set a 9 July deadline for countries, including India, to finalise a trade deal, after which tariffs imposed in April -- currently under a 90-day pause -- are set to take effect. Notably, the Congress has criticised PM Modi over the tariff row as well as for remaining silent on Trump's repeated claims of mediating a halt to India-Pakistan hostilities following the Pahalgam terror attack. Goyal had on Friday claimed that India would accept the proposed trade deal with the US only when it is fully finalised, and in the national interest. The Free Trade Agreements are possible only when both sides benefit and involve a win-win agreement, Goyal told reporters when asked about the proposed interim trade agreement with the US. "National interest should always be supreme. Keeping that in mind, if a deal is made, then India is always ready to deal with developed countries," he said. Speaking to TNIE last month, commerce ministry sources had said that New Delhi is not desperate for an interim trade deal with the US before the July 9 deadline. They added that efforts are on for closure of a deal before the deadline, but reiterated that India will not compromise on its interest in order to finalise an early deal. On April 2, the US imposed an additional 26 percent reciprocal tariff on Indian goods but suspended it for 90 days. However, the 10 percent baseline tariff imposed by America remains in place. On June 26, Trump had hinted that a 'very big' agreement with India could be next after wrapping up a trade deal with China. "We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India," he had said. A month earlier, the US President had claimed that India is willing to cut 100 percent tariffs on American goods, while saying that a trade deal between New Delhi and Washington is coming soon. Notably, India is seeking full exemption from the additional 26 percent tariff, while the US is demanding duty concessions in both agriculture and dairy sectors. But these segments are difficult and challenging areas for India to give duty concessions to the US as Indian farmers are into sustenance farming and have small land holdings. Therefore, these sectors are politically very sensitive. India has not opened up dairy sectors for any of its trading partners in any free trade pacts the country has signed so far. The US wants duty concessions on certain industrial goods, automobiles - especially electric vehicles, wines, petrochemical products, dairy, and agricultural items like apples, tree nuts, and genetically modified crops. India is seeking duty concessions for labour-intensive sectors like textiles, gems and jewellery, leather goods, garments, plastics, chemicals, shrimp, oil seeds, grapes, and bananas in the proposed trade pact.
Hindustan Times
3 days ago
- Business
- Hindustan Times
India doesn't enter into trade agreements based on deadlines: Piyush Goyal
India does not enter into any trade agreement based on deadlines or time frames and will accept the proposed trade deal with the US only when it is fully finalised and in the nation's interest, Union commerce minister Piyush Goyal said on Friday, PTI reported. Union Minister of Commerce and Industry Piyush Goyal in New Delhi on Monday.(ANI) Goyal made the remarks in response to a question on whether an interim trade agreement between the US and India would be signed by July 9, after which US President Donald Trump's retaliatory tariffs on imports from India are expected to take effect. 'India never does any trade deal based on deadline or time frame. When the deal is done properly, and is completely finalised and is in the country's interest, then we will accept it,' Goyal said, according to PTI. Also Read | As India-US trade talks enter final stage, all possibilities still on table The minister mentioned that India is presently involved in trade negotiations with several countries. "Discussions are ongoing with various countries -- be it the European Union, New Zealand, Oman, the US, Chile, or Peru. Talks about agreements are underway with many nations," he said, according to ANI. Also Read | Donald Trump hints at trade deal with India with 'much less tariffs' amid deadlock Goyal also stressed that the multiplicity of negotiations does not mean India is in a rush to conclude deals. "A Free Trade Agreement is only possible when there is mutual benefit," he said. Goyal's comments comes on a day an Indian team, headed by chief negotiator Rajesh Agrawal, returned from Washington after completing another round of discussions on an interim trade agreement between the two countries. Also Read | India seeks exemption from US' 10% baseline tariff According to an unidentified official cited by PTI, discussions between Delhi and Washington will continue as certain issues in the agri and auto sectors still need to be resolved. "Indian team is back from Washington. Negotiations will continue. There are certain issues which need to be resolved in agriculture and auto sectors," the official said. The Indian team was in Washington for negotiations on an interim trade agreement with the US from June 26.
Time of India
25-06-2025
- Business
- Time of India
'From fragile five to top five': India on track to achieve $5 trillion economy by 2027; Piyush Goyal urges nation to claim 'rightful place'
Representative image Union commerce and industry minister Piyush Goyal on Tuesday reaffirmed India's goal of becoming a $5 trillion economy by 2027, citing strong macroeconomic fundamentals, robust policy reforms, and inclusive national effort. Speaking at a virtual session hosted by the Merchants' Chamber of Commerce and Industry (MCCI), Goyal described India's economic progress as a "quantum leap", driven by a decade of transformational governance under Prime Minister Narendra Modi. 'We are well on track to achieve the $5 trillion economy goal in the next three years. This will be the first milestone on our journey to Viksit Bharat by 2047,' Goyal said, as cited by news agency PTI. He expressed confidence that India will also become the world's third-largest economy by 2027. Acknowledging current global economic uncertainties and geopolitical tensions, the minister said, 'Great economies aren't built in calm waters… this is India's time. We must seize the moment and work together to claim our rightful place among the world's leading nations.' Goyal emphasised that the government's approach has centred on inclusive, sustainable, and honest growth, guided by the principles of 'Seva, Sushasan and Navachar'—Service, Good Governance and Innovation. 'The last 11 years have not been about incremental change. We have aimed for quantum leaps,' he noted. The minister highlighted India's transformation from being part of the 'Fragile Five' to ranking among the top five global economies. He credited this to high foreign exchange reserves (now at $698 billion), a resilient banking system, and historically low inflation levels. On trade, Goyal underscored India's strategy of signing Free Trade Agreements (FTAs) with advanced economies like the UK, Australia, and the EU. 'These FTAs are not with weak or competing economies but with advanced markets, offering immense opportunities for Indian MSMEs and exporters,' he said. He also outlined India's readiness to lead in emerging technologies such as artificial intelligence, quantum computing, and 3D printing, and stressed the importance of innovation-led exports. 'Rather than fearing job losses, we should focus on creating new employment. Our youth are aspirational, and we are working with industry bodies like NASSCOM to build AI skills,' Goyal added. Referring to citizen welfare, he cited recent evacuation efforts from conflict zones such as Ukraine and Iran as examples of Prime Minister Modi's commitment to Indian lives. He contrasted India's current democratic stability with the Emergency imposed in 1975, calling present-day India an 'oasis of stability.' Goyal concluded by encouraging Indian businesses to scale up, saying, 'Scale leads to competitiveness, which in turn fuels exports and prosperity. India's growth story belongs to all of us.' Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Egypt Today
18-06-2025
- Business
- Egypt Today
Egypt-Serbia Trade Triples to $300 Million Amid Strengthening Bilateral Ties
CAIRO - 18 June 2025: The volume of trade between Egypt and Serbia surged over threefold in 2023, reaching $300 million, up from $94 million in 2022—marking a significant leap in economic cooperation between the two countries. Speaking at the Egypt-Serbia Business Forum held yesterday, Egyptian Prime Minister Dr. Mostafa Madbouly underscored the remarkable growth in bilateral relations. He expressed confidence that this positive trajectory will continue, particularly following the Egyptian Parliament's ratification—on May 26—of a Free Trade Agreement between Egypt and Serbia. The agreement will gradually eliminate tariffs and quantitative restrictions on the movement of goods between the two nations, paving the way for enhanced trade and economic integration. Madbouly further noted that Egypt-Serbia cooperation goes beyond the exchange of goods, encompassing sectors such as services, logistics, tourism, and strategic infrastructure partnerships—particularly across Africa, along with collaborative efforts in the reconstruction of neighboring countries. On Tuesday, Prime Minister Madbouly personally welcomed Serbian Prime Minister Gjorge Matović at Cairo International Airport, as he arrived in Egypt leading a high-level delegation to strengthen economic and diplomatic ties between the two nations.
CBC
04-06-2025
- Business
- CBC
Nova Scotia reducing trade barriers with 5 provinces
Amid economic uncertainty in Canada caused in part by U.S. tariffs, Nova Scotia says it has struck deals to reduce trade barriers with five provinces. Premier Tim Houston introduced the Free Trade and Mobility within Canada Act in February to help create mutual recognition of goods, services and labour mobility between Nova Scotia and other parts of the country. The act allows the province to remove barriers to trade and investment with others that will do the same for Nova Scotia. A news release Wednesday said Ontario, Alberta, British Columbia, Manitoba and Prince Edward Island have all taken steps to improve trade and investment opportunities between provinces. The federal government is expected to do the same. Prime Minister Mark Carney has promised federal legislation targeting barriers under Ottawa's jurisdiction by Canada Day, which could target anything from energy efficiency standards to environmental and regulatory assessments on major projects. The release said the barriers being removed by Nova Scotia focus on three key areas: Ending Canadian Free Trade Agreement exemptions that limit interprovincial trade with Nova Scotia. Allowing goods or services that are legally sold, used or provided in another province to automatically be able to be sold, used and provided in Nova Scotia without having to meet Nova Scotia's labelling, packaging, certification or inspection requirements. Removing labour mobility barriers by requiring regulators to process equivalent licences within 10 business days and restricting application requirements to evidence of good standing and liability insurance. Nova Scotia's removal of trade barriers with Alberta and P.E.I. comes into effect immediately, while barriers with the other provinces and federal government will be removed upon proclamation of their equivalent legislation. In 2023, the value of Nova Scotia's interprovincial exports was nearly $29 billion. Interprovincial exports make up about half of Nova Scotia's total exports and contribute about 17 per cent of Nova Scotia's gross domestic product. More than $530 billion worth of goods and services moves across provincial and territorial borders every year — equal to 20 per cent of Canada's GDP.
