It should be mentioned that piyush Goyal, the minister of commerce and industry, is now in Washington, spearheading talks on a possible bilateral trade agreement (BTA). With a long-term goal of $500 billion in bilateral commerce by 2030, both countries want to complete a trade agreement by the end of the year.
"In the face of this tense situation, india has taken a very accommodative stance, abstaining from reprisals and setting itself apart from other countries through proactive trade policies and diplomatic relations with the united states," Yes Securities stated.
India stands out in an otherwise hostile environment thanks to its accommodative stance in the face of rising international trade tensions. India is establishing the foundation for a more robust economic relationship with the united states by pursuing trade talks, rationalizing tariffs, and prioritizing competition over protectionism, the brokerage continued.
The brokerage said that this tactic may persuade the trump administration to prioritize specific deals over sweeping tariffs, which would be advantageous for both countries.
But the dangers of dumping and exchange rate fluctuations highlight the necessity of alertness and flexible policies. India's long-term success in negotiating these choppy seas will depend on its capacity to strike a balance between openness and resilience as the global trade war develops," it continued.
WHAT’S india PLANNING?
According to the ET report, india may reduce or do away with import taxes on US agricultural goods including cranberries, apples, walnuts, and almonds. This is one of the long-standing requests from Washington, it should be highlighted.
These goods are now subject to tariffs ranging from 42% to 120%.
After Goyal's visit, exporters are arranging meetings with US customers as part of the textile and apparel industry's efforts to preserve trade flow.
Given that 12.99% of America's imports of gems and jewelry come from india, the Gem & Jewellery Export Promotion Council (GJEPC) is also allegedly sending a delegation to meet with important US players, such as De Beers and Tiffany & Co.
Governments and corporations appear to be stepping up their efforts to prevent interruptions and keep the flow of trade going as the deadline draws near.
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