India at Advanced Stages of Trade Talks with Both EU and US

Union Minister for Commerce and Trade, Mr Piyush Goyal, while speaking at ET Startup Awards, said that India is at advanced stage of discussions with both EU and US for trade deals.
"We are at the advanced stage of discussions with both EU and US for trade deals," said Piyush Goyal.
The US has imposed 25 per cent tariffs on India as a penalty for purchasing oil from Russia. It is over and above the 25 per cent reciprocal tariffs on Indian goods entering American markets. Overall, Indian goods are attracting a steep 50 percent additional import duties in the USA. New Delhi has described these duties as "unfair, unjustified and unreasonable".Earlier, people familiar with the discussions told The Economic Times that negotiations are in the final stages, with talks focused on reducing US tariffs on Indian exports, possibly cutting them to 15% from the current 50%. “The contours of the deal are still being finalised,” one person aware of the talks said.

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