India will not “bow”, but instead focuses on expanding to new markets, trade trade and industry Minister Piyush Goyal said in his first public response to steep American tariffs on Indian goods, AFP reported.
The 50 percentage duties that came into force this week focus on a wide range of Indian imports and were introduced by Washington in response to Russian oil shopping in Delhi, part of the US pressure strategy for Moscow for his war in Ukraine.
Also read: Trump tariffs in India explained: How serious are the threat to the Indian economy, the stock market?
Since returning to the White House this year, US President Donald Trump has used tariffs as a wide political weapon, which significantly disrupted global trading flows.
“If someone wants to have a good agreement on Tarde for free, we will always be ready. But if someone discriminates … we will never bow or will never be weak. Together, we will move forward,” Goyal said at an industrial event, as PTI says.
The imposition of this high obligation is perceived by America as a pressure tactic in India to accept its requirements in the proposed bilateral trade agreement (BTA). The US is looking for more access to the market in politically sensitive agricultural and dairy sectors.
India has condemned the newly imposed tariffs as unfair and unauthorized and claims that the government will not endanger the interests of its farmers and sector of livestock.
Goyal emphasized the ongoing efforts to diversify exports and expressed the certainty that India’s export performance would break a record record in 2024–25, when the exports of goods and services reached more than $ 825 billion.
Goyal also noted that India’s share of global trade remains relatively small and therefore “no need to be afraid”. He pointed out that the country successfully navigated the main challenges in the past, including the Covid-19 pandemic and the sanctions related to nuclear substances.
India is low in the global market market, and therefore “no need to worry,” said the Minister, adding that the country has successfully managed pandemic and nuclear sanctions Covid.
The Minister said about the proposed free trade agreement: “We are talking to the US about BTA. We have a plan to complete the first phase of BTA in the fall (October-listov) this year.”
India and the US are negotiating a contract from March. Five rounds of interviews have been completed so far. After imposing a 50 % duty, the American team postponed his visit to India for another round of interviews, which was scheduled for August 25.
No new data for the sixth round of negotiations has been completed so far.
(With the entry from agencies)
(Tagstotranslate) India
