Piyush Goyal to Meet Export Councils as India Finalizes US, EU Trade Deals

Minister Piyush Goyal will meet with export councils and industry associations in light of finalizing trade pacts with the US and EU. Discussions include the reduction of tariffs by the US and finalizing the first phase of the bilateral trade agreement that benefits India's exports.

Commerce and Industry Minister Piyush Goyal is set to hold a critical meeting with representatives from export promotion councils and industry associations. The gathering, scheduled for February 11, comes at a pivotal moment as India finalizes significant trade agreements with the US and the European Union, an official reported on Monday.

The meeting gains importance as India and the US have reached a consensus on the first phase of a bilateral trade agreement. Under the new framework, the US has agreed to lower its 25 percent reciprocal tariffs on Indian goods to 18 percent. Moreover, punitive 25 percent tariffs were removed, tariffs initially placed last August over India's purchase of Russian crude.

Indian exporters, particularly in labor-intensive sectors like textiles, leather, and gems, are keenly anticipating the outcome, as the US stands as India's largest export market. The previous 50 percent tariffs had significantly hindered sales to America. All relevant councils have been invited to participate in this meeting, which follows India's recent conclusion of trade negotiations with the EU's 27-nation bloc.

(With inputs from agencies.)