Goyal Hints at More Tariff Relief for US

COMMERCE AND INDUSTRY minister Piyush Goyal on Tuesday said India and the US could offer tariff reductions and other concessions to each other under a bilateral trade deal being planned.

- FE BUREAU

Whether the agreement would encompass both trade in goods and services and other areas like investments, as is typical of free trade agreements (FTAs), or be a less ambitious one would be decided during the talks to be held between the two sides, he added.

The minister said while India's import tariffs may be higher than some other countries and designed to protect domestic industry from imports from non-market economies, the situation with the US is very different. "We (India and the US) complement each other. We can give mutual concessions to each other, like tariff reductions and make it easier to export and import," the minister said at an event here.