India should avoid a hurry to a business agreement with the US that threatens the main industry, such as agriculture, experts said on Sunday and warned that Washington does not even save its key partners like the European Union.
The US fired letters to 24 countries and the EU that deposited tariffs that are up to 50 percent in Brazil. At its key business partners, such as the EU and Mexico, 30 % of duties were proposed from 1 August.
Economic Think Tank Gtri (Global Trade Research Initiative) said India must admit that it is not alone in facing American pressure.
The US is currently negotiating with more than 20 countries looking for concessions from more than 90.
India should tread carefully
The founder of Gtri Ajay Srivastava said that the EU and Mexico are the main business partners of the US and Washington can store tariffs on them to push them on fast shops, India cannot expect a balanced agreement.
Another business expert said that India should carefully pedal when negotiating a business contract with the US.
Also read | Here’s the reason why Indian farmers can be “better” without business agreement India-USA
From Japan and South Korea to the EU and Australia of the country, Trump resists Trump’s trade agreements that require reduction in rates without US mutual concessions, mandate guaranteed purchases of American goods and leave the door open to future tariffs even after the agreement, Gtri said.
India-USA bilateral trade agreement
A team of Indian business negotiators will soon visit Washington and other interviews about the proposed bilateral trade agreement (BTA).
“India should remain on the course and avoid trading in the main industries, such as agriculture. The rash agreement under pressure could have irreversible consequences, especially if such agreements may not survive another shift in American politics,” Srivastava said.
India is working to negotiate and complete a business agreement with the United States, Rajesh Agrawal, a special secretary of the Ministry of Commerce, said on Thursday.
Agrawal, who also conducts interviews on this proposed business agreement India-USA, said both countries hope to complete the first phase of the agreement this year (September-October). Before this, they are trying to complete the interim trade agreement.
He also mentioned that India had already signed more than 14 free trade agreements (FTA) with 26 countries.
Indian exports and imports exceeded $ 1,150 billion, so “logistics is important,” he said, he added that logistics will play a key role in increasing the share of India in the coming years in the coming years.
Currently, the share is about 2 percent.
He also stated that the decrease in tariffs as a result of free trade agreements, harmonization of regulations and the effective logistics ecosystem supported the strengthening of global value chains (GVC) over the last two to three decades.
(Tagstotranslate) business agreement with us
