US did not accept India's request for consultations at WTO over import tariffs: Minister
The US has maintained that these measures were introduced on the grounds of national security, Minister of State for Commerce and Industry Jitin Prasada said in a written reply to the Lok Sabha.
Productivity Tool
Zero to Hero in Microsoft Excel: Complete Excel guide
By Metla Sudha Sekhar
View Program
Finance
Introduction to Technical Analysis & Candlestick Theory
By Dinesh Nagpal
View Program
Finance
Financial Literacy i e Lets Crack the Billionaire Code
By CA Rahul Gupta
View Program
Digital Marketing
Digital Marketing Masterclass by Neil Patel
By Neil Patel
View Program
Finance
Technical Analysis Demystified- A Complete Guide to Trading
By Kunal Patel
View Program
Productivity Tool
Excel Essentials to Expert: Your Complete Guide
By Study at home
View Program
Artificial Intelligence
AI For Business Professionals Batch 2
By Ansh Mehra
View Program
India, however, considers these measures to be safeguard actions that should have been notified and subjected to consultations under the WTO's Agreement on Safeguards (AoS).
"India has accordingly reserved its right to suspend substantially equivalent concessions (right to impose equal trade measures in response) due to the US's non-compliance with its obligations under the AoS," he said.
In a separate reply, the minister said India is actively involved in the discussions with the US on the
Bilateral Trade Agreement
(BTA) with the aim to expand trade and investment.
Live Events
India-US bilateral trade agreement negotiations were launched in March 2025. Five rounds of negotiations have been held, the last being from July 14-18th, 2025, at Washington, USA.
"To safeguard the interests of farmers and the domestic industry, international trade negotiations allow for the inclusion of sensitive, negative, or exclusion lists -- categories of goods on which limited or no tariff concessions are granted," he said.
In addition, in case of surge in imports and injury to the domestic industry, a country is allowed to take recourse to trade remedial measures such as anti-dumping and safeguards on imports.
In another reply, the minister said India has not taken any decision to suspend or restrict trade or tourism activities with Turkey and Azerbaijan.
However, the import from Turkey has declined from USD 3.78 billion in 2023-24 to USD 2.99 billion in 2024-25.
The major items imported from Turkey during 2024-25 include Petroleum Crude, Gold, Inorganic Chemicals, Granite, Natural Stones and Aircraft & Spacecraft parts.
The major items of import from Azerbaijan during 2024-25 include Finished Leather, Medical and Scientific Instruments, Raw Hides and Skins, Fruits/Vegetables Seeds and Hand Tools, Cutting Tools of Metals.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
a minute ago
- Time of India
Mr Trump – The Mr tariff (Part 2)
Continuing his tirade against India on the tariff issue, Mr Trump stated that the Indian economy was dead. In India, the Leader of Opposition (LOP), Mr Rahul Gandhi, was quick to latch onto this statement and target the government. Unfortunately, they have forgotten what has transpired in the last five years since the COVID pandemic. Both habitually avoid doing their homework before pronouncing their viewpoints. Shoot and scoot, and firing from the hip is what they do best. Is it any wonder that when a reporter asked him about US imports from Russia in a press conference in the White House, the American President went blank and said, 'I don't know anything about it. I have to check it out.' He possibly had no idea about European Union imports from Russia either. Yet, he had no hesitation in blaming India for fuelling the Ukraine war by buying Russian oil. On the issue of tariffs, one can safely say 'Double standards, thy name is Donald Trump.' Is the Indian economy dead? First, if it indeed was dead, then India would have succumbed to US pressure on tariffs and signed an agreement at the first opportunity. Second, the US government's mounting external debt is close to USD 26 thousand billion. Servicing this debt is a major issue for the country. By levying additional duties and finding new markets in India, it hopes to generate additional revenues. Logically, this will not be possible if the Indian economy is dead. Third, data published by the Indian government, foreign think tanks, and organisations, including the World Bank, finds India a bright spot in the world economy today. Its growth rate of 6.3-6.5% is superior to all other large economies. The Governor of India's Reserve Bank reaffirmed this when he stated that India is contributing about 18% to the world's growth, while the USA's share is only 11%. If all these signify a dead Indian economy, then the understanding of economics of President Trump and Mr. Gandhi is perhaps derived from a different planet. It was the USA that had encouraged India to buy oil from Russia two years ago to keep the international oil prices in check. If anything, they should be commending India as the objective has been achieved. Today, when the USA targets only India but looks the other way when it comes to the European Union and China, who incidentally buy more oil and gas from Russia than India, then India is bound to react. Mr Trump will do well to remember that when he talks of India, he is talking of managing the energy needs of 18% of the world's population, which in itself is a herculean task. Therefore, India will always seek the best options to meet this humongous challenge. No nation or its leader, including the United States, has any right to dictate either to India or any other country on such issues. This flexibility and decision-making rest solely with individual nations, where historical linkages and cooperation with a particular nation will always play a significant role. The Indian opposition, while condemning the revised tariffs imposed by the USA, terms the whole exercise a failure of the government's foreign policy. If, for a moment, one were to agree, would the same logic not apply to nearly every nation across the world since Trump tariffs have hardly spared any nation, including European nations? Does this mean that the foreign policy of all countries has failed? Therefore, this has very little to do with foreign policy. For the US, it is about raising more revenues to manage its rising external debt. It is doing so by leveraging its economic power and ignoring the compulsions of other countries under the garb of making America great again. Unfortunately, in the changing geopolitical context, this approach lacks mutual respect and equality, and many countries are not ready to accept that. India is undoubtedly one of them. The next pertinent question is what India should be doing in this situation. Is a confrontational approach the answer? Should India give in under pressure, as many smaller nations across the world have done? Or, should India adopt a middle path and try to broker a deal? In international dealings, negotiations are part of all deals. Each nation focuses on deriving the best from the deal for its short-term and long-term goals. All such deals are finalised based on 'give & take'. The agreement with the USA on trade will be no different. But if either side adopts the 'my way or the highway' approach, then a deal will always be elusive. While Mr. Trump appears quite adamant, discussions are with a team of more informed and experienced individuals who understand the impact and implications of the issue at hand. Therefore, the possibility of a deal always exists. India will have its boundaries marked where it can give in a bit and where it will not budge at all in the overall interest of the nation. While most sectors will fall under the former, dairy and agriculture will be under the latter and rightly so. It is also well known that Mr Trump is primarily pushing for India to accept American agricultural and dairy products in a big way. Therefore, the current stalemate is understandable. One cannot rule out the possibility of Mr Trump's ire at India being the result of Mr Modi and his government stealing the thunder from his claims of having brokered a ceasefire between India and Pakistan during Operation Sindoor. This, coupled with his failures in brokering peace in Ukraine and the Middle East, has certainly dented his stature. Perhaps the much-publicized personal equation with Mr. Modi prompted him to make such preposterous claims unilaterally. However, India exposed him. It is well known that he has scant regard for diplomatic niceties, apart from a compulsive 'I' syndrome that would drive him towards a vendetta. Perhaps better sense needs to prevail, and the USA must understand that it is dealing with the world's largest democracy, not just any nation. The question is what happens if this stalemate cannot be breached. In that case, while India will have concerns, there will also be new opportunities. India will need to focus on new markets and fresh partnerships with other nations. BRICS will be an important platform to build new bridges and create new norms for trade and commerce that are beneficial not only to BRICS nations but also across the world. India must also sort out its own house for a more conducive business environment, rationalise and reduce taxes, develop new industrial complexes, encourage entrepreneurship, and tap hitherto unaddressed markets. As far as the USA is concerned, India has a few aces up its sleeve. The imposition of a digital tax on companies like Google, Meta, Amazon, among others, could be a game-changer. So far, India has stood its ground. While it is ready to negotiate, it will not sign on the dotted line and compromise its national assets. The Indian government's official response to the USA on the new tariffs was clear and firm. In this context, LOP's statement that 'PM Modi better not let his weakness override the interests of Indian people' seems totally out of place and malicious. As things stand, no sane Indian will see any weakness on the part of either the Prime Minister or his government. On the contrary, it is all about India and Indian interests that have been the hallmark of the BJP-led government in the last eleven years. In the end, a mutually agreed-upon agreement would mean business as usual. If not, it won't be the end of the world. India is resilient enough to overcome challenges and continue its growth trajectory despite the current crisis. Also read: Mr Trump – The Mr tariff Facebook Twitter Linkedin Email Disclaimer Views expressed above are the author's own.
Time of India
a minute ago
- Time of India
'Will advice PM Modi on how to deal with Trump', says Israeli PM Benjamin Netanyahu amid high tariffs on India
Israeli Prime Minister Benjamin Netanyahu offered to advise Indian Prime Minister Narendra Modi on handling US tariffs. He emphasized the importance of India and the US reaching a resolution. Netanyahu also highlighted Israel's contribution to India's Operation Sindoor. He expressed Israel's readiness to assist India in enhancing its surveillance systems to combat cross-border terrorism. Tired of too many ads? Remove Ads Benjamin Netanyahu on Operation Sindoor Tired of too many ads? Remove Ads Amid US President Donald Trump's 50 per cent tariffs on India, Israeli Prime Minister Benjamin Netanyahu offered help saying he will advice Prime Minister Narendra Modi on dealing with the American the tariffs, the Netanyahu said it was important for India and the US to reach a common ground. In a light-hearted moment, he said the advice will be given in "private"."Modi and Trump are terrific friends of mine. Yes I would give Modi some advice (on dealing with Trump), but privately," PTI quoted him as saying in an interaction with the media."There is a basic understanding in relationship between India and the US. The basis of the relationship is very solid. It will be in the interest of India and the US to arrive at a common ground and resolve the tariff issue. Such a resolution will be good for Israel as well as both the countries are our friends," he claimed that Israeli weapons were used in Operation Sindoor, adding that "all of them worked well." He also offered help in boosting India's surveillance system to fight cross-border terrorism. The Israeli prime minister added that defence cooperation between the two nations was on a strong upward trajectory."Israel supplied military equipment to India before (Op Sindoor). All of them worked well. Israeli equipment used during Operation Sindoor were battle proven," he combating cross-border terrorism, he said, "India is huge country and it is not easy to have surveillance all over. We are ready to help India in air surveillance systems. Besides intelligence, we need the physical capability to get the terrorists before they strike.""You always have to be ahead of the curve, you don't allow them to break you, you have to act before what is likely to come and being hatched by them," he also said he would like to visit India "soon", adding that he had an interest in establishing direct flights between Tel Aviv and Bengaluru, which would cut the travel time to just six hours.
Time of India
4 minutes ago
- Time of India
Cabinet approves Rs 30,000 crore as compensation to OMCs for LPG losses
Union Minister Ashwini Vaishnaw on Friday announced that the government has approved Rs 30,000 cr as budgetary support to three public sector Oil Marketing Companies (OMCs) for under recoveries. The said PSUs are Indian Oil Corp. , Bharat Petroleum Corp. Ltd. and Hindustan Petroleum Corp. Ltd. who supply LPG cylinders at regulated prices to consumers. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program This support is given keeping in mind the current geopolitical scenarios and uncertainties in oil and gas sector, Vaishnaw said. However, Vaishnaw refused to respond to a question on Trump tariffs. The distribution of the compensation within the OMCs will be done by the Ministry of Petroleum and Natural Gas. The compensation will be paid in twelve tranches, the government said The international prices of LPG have remained high since 2024-25. To prevent passing the burden of fluctuating prices to consumers, OMCs bore significant losses. Despite this, the public sector OMCs ensured continuous supplies of domestic LPG in the country at affordable prices. Live Events The announced compensation will allow the OMCs to continue meeting their critical requirements such as crude and LPG procurement, servicing of debt, and sustaining their capital expenditure, thereby ensuring an uninterrupted supply of LPG cylinders to households across the country, government said in an announcement. The Union Cabinet also approved Rs 12,060 Cr support for PM Ujjwala beneficiaries for FY 2025-26, as it aims to provide a subsidy of Rs 300 per cylinder. This policy is said to benefit 10.33 Cr households across India (approx 45 Cr citizens). In 2024-25, total expenditure under PM Ujjwala Yojana stood at Rs 52,000 cr.
