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Sangh bodies sceptical of India-United States bilateral trade agreement
Archis Mohan Sanjeeb Mukherjee New Delhi
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Affiliates of the Sangh Parivar have said the India-United States bilateral trade agreement (BTA) is unlikely to happen if America continues to be 'stubborn' about securing market access for genetically modified (GM) crops, dairy products, relaxed regulations on medical devices, and data localisation.
The Bharatiya Kisan Sangh (BKS) and Swadeshi Jagran Manch (SJM) have flagged the issue that concessions to the United States (US) in the agriculture sector, including dairy products, will have ramifications for the country's food security.
The parivar has pointed to the efforts by US Senator Lindsey Graham to move a Bill that envisages steep economic penalties
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Business Standard
4 hours ago
- Business Standard
India, US negotiating agreement to liberalise trade in goods: Minister
India and the US are negotiating a multi-sector bilateral trade agreement and as a part of the negotiations, both sides are discussing liberalisation of trade in goods, including non-sensitive agricultural products, Parliament was informed on Tuesday. The government is engaged with all relevant stakeholders including agriculture, farming experts, to assess the interests and requirements of India's rural economy, farmers and agricultural sector, Minister of State for Commerce and Industry Jitin Prasada said in a written reply to the Lok Sabha. "India and the USA are negotiating a multi-sector Bilateral Trade Agreement (BTA). As a part of negotiations, among other things, both sides are engaged in discussions on liberalization of trade in goods, including non-sensitive agricultural products, with the aim to expand trade and deepen the India-US trade relationship," he said. He added that the government is committed to taking all necessary steps to secure and advance the country's national interest and protect the welfare of our farmers, rural economy and agriculture sector. So far, five rounds of talks have been completed between the two countries on the proposed BTA. The US team has recently postponed their visit for the sixth round of negotiations, which was scheduled from August 25. In a separate reply, he said a reciprocal tariff at the rate of 25 per cent has been imposed on certain goods exported from India to the US starting from August 7. Further, additional duty of 25 per cent with effect from August 27, 2025 has been imposed on certain goods exported from India. "The Government has taken note of tariff imposition by the US," the minister said, adding it is estimated that around USD 48.2 billion of India's merchandise export (based on 2024 trade value) to the US will be subject to the above additional tariffs. He said that the government is committed to secure and advance the country's national interest and protect the welfare of Indian farmers, workers, entrepreneurs, exporters, MSMEs and all sections of industry and take all necessary steps to help mitigate impact on trade including through appropriate export promotion and trade diversification measures. Replying to a separate question, Prasada said India has entered into a Double Taxation Avoidance Agreement with the US that applies to the corporate taxation of Indian companies in the United States. The benefits available in this agreement remain unchanged irrespective of the domestic laws of the US. The US has not implemented the global minimum tax rules so far, and has stated that the commitment made by prior administration on it shall have no effect in America unless they are adopted in its domestic laws. "This is unlikely to affect taxation of Indian companies in the United States. US Corporate tax changes generally apply to entities with US tax liability and are not expected to directly affect exporters that sell from India," the minister said adding the government is engaged with all relevant stakeholders including industry to protect country's economic and commercial interests and to mitigate impact on trade through all appropriate steps including export promotion and trade diversification. In an another reply, the minister said the US has announced countervailing duties (CVD) on export of Melamine, Hexamine, Epoxy Resins, Ceramic Tile, Hard Empty Capsules, Overhead Door Counterbalance Torsion Springs, and High Chrome Cast Iron Grinding Media from India in the period January to July 2025. On April 2, he said, the US announced country specific reciprocal tariffs including on India. "A baseline tariff of 10 per cent on nearly all US imports was imposed w.e.f. April 5, 2025, with country-specific reciprocal tariffs, including on India @26 per cent, which was to be effective from April 9, 2025. However, on India, these reciprocal tariffs were suspended till August 1, 2025. India's export to the US covered by country-specific reciprocal tariffs, as per data for 2024, was USD 48.2 billion," Prasada said. The government, he added, is committed to taking all necessary steps to secure and advance the country's national interest and protect the welfare of our farmers, workers, entrepreneurs, exporters, MSMEs and employment-intensive industries to mitigate the impact on trade, including through appropriate export promotion and trade diversification measures. "Government is engaged with all stakeholders, including exporters and industry, for taking feedback on their assessment of the situation," he said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
6 hours ago
- Time of India
$48.2 bln of India's goods exports to US to be subject to 50% tariffs: Govt to Parliament
It is estimated that around $48.2 billion of India's merchandise export to the US will be subject to the US' 50%, government told Lok Sabha Tuesday. Reciprocal tariff at the rate of 25% has been imposed on certain goods exported from India to the US starting from August 7, 2025. Further, additional ad valorem rate of duty of 25% with effect from August 27, has been imposed on certain goods exported from India. 'The government has taken note of tariff imposition by the US,' said minister of State for Commerce and Industry Jitin Prasada in a written reply to the Lok Sabha. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Nigeria Solar Panels: See How Much It Will Cost To Install Them (See Prices) Solar Panel | Search Ads Learn More Undo 'It is estimated that around $48.2 billion of India's merchandise export (based on 2024 trade value) to the US will be subject to the above additional tariffs. Government is committed to secure and advance country's national interest and protect the welfare of our farmers, workers, entrepreneurs, exporters, MSMEs and all sections of industry and take all necessary steps to help mitigate impact on trade including through appropriate export promotion and trade diversification measures. India and the US are negotiating a multi-sector Bilateral Trade Agreement (BTA). So far, five rounds of talks have been completed between the two countries on the proposed BTA. The US trade team has recently postponed their visit for the sixth round of negotiations, which was scheduled from August 25. Live Events 'As a part of negotiations, among other things, both sides are engaged in discussions on liberalization of trade in goods including non-sensitive agricultural products, with the aim to expand trade and deepen the India-US trade relationship,' Prasada said in a separate reply. He said the government is engaged with all relevant stakeholders including agriculture, farming experts, to assess the interests and requirements of India's rural economy, farmers and agricultural sector. 'Government is committed to take all necessary steps to secure and advance country's national interest and protect the welfare of our farmers, rural economy and agriculture sector,' he stated. During April-July FY25, India's overall exports to the US were $33.53 Billion, compared to $27.56 Billion in the same period of the previous year, reflecting a growth rate of 21.64%. 'Government is engaged with all stakeholders including exporters and industry for taking feedback of their assessment of the situation,' Prasada told Parliament. In an another reply, the minister said the US has announced countervailing duties (CVD) on export of Melamine, Hexamine, Epoxy Resins, Ceramic Tile, Hard Empty Capsules, Overhead Door Counterbalance Torsion Springs, and High Chrome Cast Iron Grinding Media from India in the period January to July 2025. US double tax pact In a separate reply, he said that India has entered into a Double Taxation Avoidance Agreement with the US that is applied on the corporate taxation of Indian companies there. 'The benefits available in this Agreement remain unchanged irrespective of the domestic laws of US,' he said, adding that the US has not implemented the global minimum tax rules so far, and has stated that the commitment made by prior administration on it shall have no effect in US unless they are adopted in its domestic laws. 'This is unlikely to affect taxation of Indian companies in United States. U.S. Corporate tax changes generally apply to entities with U.S. tax liability and are not expected to directly affect exporters that sell from India,' he added. The minister said that the overall impact of depreciation of Indian rupee against the US dollar on th conomy depends on multitude of factors and cannot be isolate 'Government is engaged with all relevant stakeholders including industry to protect country's economic and commercial interests and to mitigate impact on trade through all appropriate steps including export promotion and trade diversification,' he said. China rare earths The recent imposition of export restrictions on key rare earth magnets by China has resulted in a supply chain bottleneck, impacting the Indian industries including electric vehicle manufacturers, government told Lok Sabha. 'Consultations have been held regularly with relevant stakeholders to explore measures to address the issue,' Prasada said in a written reply. He said the mines ministry has been working to ensure supply chain resilience for critical minerals including Rare Earth Elements, which are used in producing Rare Earth Magnets, as they are key materials for different sectors including electric vehicles. He said that in the interest of developing bilateral cooperation with countries having rich mineral resources, ministry has already entered into bilateral agreements with governments of a number of countries such as Australia, Argentina, Zambia, Peru, Zimbabwe, Mozambique, Malawi, Cote D'Ivoire and International organizations such as International Energy Agency (IEA). Further, Khanij Bidesh India Limited (KABIL), a Joint Venture Company set up with the objective to identify and acquire overseas mineral assets that hold critical and strategic significance, is engaged in this area by developing collaboration with various organisations based in different countries.
News18
6 hours ago
- News18
Kwatra briefs US Congressmen on Indias position on recent developments
Agency: PTI New York, Aug 19 (PTI) Indian Ambassador Vinay Mohan Kwatra on Tuesday briefed US Congressman Marc Veasey on India's position on recent developments and underlined the importance of fair, balanced, and mutually beneficial trade to further strengthen the bilateral partnership. 'Had a fruitful discussion with @RepVeasey, Vice Co-Chair of India Caucus in the US House of Representatives. Briefed him on India's position on recent developments," Kwatra posted on social media. Kwatra underlined the importance of 'fair, balanced, and mutually beneficial trade" to further strengthen the partnership between India and the US. Earlier, Kwatra held discussions with Congressman Michael Baumgartner and shared India's perspectives on 'mutual trade and energy ties." 'Had the opportunity to speak with @RepBaumgartner today. Briefed him on recent developments in India-US partnership and India's perspectives on mutual trade and energy ties. Grateful for his strong support for the relationship," Kwatra posted on social media. President Donald Trump has imposed tariffs totalling 50 per cent on India, including 25 per cent for New Delhi's purchases of Russian oil that will come into effect from August 27. Responding to the tariffs, India said that it is unjustified and unreasonable to target it. India said that, like any major economy, it will take all necessary measures to safeguard its national interests and economic security. On Tuesday, Minister of State for Commerce and Industry Jitin Prasada informed the Parliament that India and the US are negotiating a multi-sector bilateral trade agreement, and as a part of the negotiations, both sides are discussing liberalisation of trade in goods, including non-sensitive agricultural products. So far, five rounds of talks have been completed between the two countries on the proposed BTA. The US team has recently postponed their visit for the sixth round of negotiations, which was scheduled from August 25. PTI RD ZH RD RD view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy. Loading comments...
