Indian commercial conversations with us, Oman and the European Union in an advance

On Saturday, the Minister of Trade and Industry Joyan said on Saturday, with the performance that every free trade agreement has its own dynamics, that the commercial talks of India are in a “very advanced” stage with the United States, Oman and the European Union, Minister of Trade and Industry, Bush Goyal, with harm that every free trade agreement has its dynamics. He said that India is also negotiating with free trade agreements with Chile, Peru and New Zealand.

In his speech to reporters on Saturday, the minister said that the free trade agreement with Amman “has almost ended”, while negotiations with the European Union and the United States “make rapid progress.”

His comments follow the signing of the comprehensive comprehensive economic trade agreement between India and the United Kingdom on July 24. However, there is still uncertainty about whether India will be able to obtain a temporary trade deal with the United States before the proposed tax from the mutual tariff from August 1.

Official sources indicated that there is still uncertainty about mutual definitions with the United States. The sources pointed out that a team of US officials is scheduled to visit India in mid -August to follow the negotiations.

At the same time, clarifying the commercial deal of India and the American Agency, Joyal said that the government is now focusing on commercial deals with developed countries and countries that do not threaten India, but rather goods and services that complement us.

Although the Indian Cabinet has already agreed to the free trade agreement, its activation may take some time because it must also be approved by the British Parliament. Noting that the Free Trade Agreement had support from the two parties in the United Kingdom, the minister said that the ratification by the British Parliament could take a few months or even one year.

He also emphasized that India will respond if the UK meets the carbon border modification tax (CBAM) on Indian exports. CBAM or carbon tax is not part of the Free Trade Agreement because it has not yet been implemented by the United Kingdom. However, the minister stressed that India will take appropriate steps if this tax is imposed on Indian exports.

He also pointed out that even in the European Union, there is a lot of opposition to CBAM and rethinking that it will increase because it will increase the cost of living there and eventually hurt its trade.

The minister said: “The injured person will be the European Union, not India. We will turn each challenge to an opportunity.”

FTA India-UK also has a review item after five years, when you can acquire provisions that do not suit any of the countries for review.