The commerce ministry is working on different scenarios to assess the possible fallout of reciprocal tariffs to be imposed by the US administration on April 2 on its key trading partners including India, sources said. US President Donald Trump has said that April 2 will be 'Liberation Day' as he plans to announce tariffs or import duties to bring down America's trade deficit, and promote the country's manufacturing.
The "construct of the DPDP Act" cannot be changed at this stage, though there may be some minor tweaks in the language of the Rules and formats in certain legitimate cases.
'As negotiations continue, the path forward demands not only diplomatic skill, but also vigilance against legal asymmetries embedded in America's trade playbook.'
I'...additional concessions, such as opening government procurement, reducing agricultural subsidies, weakening patent protections, and allowing unrestricted data flows -- demands India has resisted for decades.'
India and the United States will finalize the contours, schedule of negotiations, and terms of reference for a proposed bilateral trade agreement (BTA) during a three-day meeting beginning Tuesday. The agreement is expected to be finalized in two tranches, with the first phase focusing on goods trade. The US team, led by Assistant US Trade Representative for South and Central Asia Brendan Lynch, will be in India from March 25-29 to discuss the agreement. Both countries are aiming to conclude the first phase of the agreement by fall 2025.
'As the global economy undergoes significant transformations in 2025, India's ability to navigate the complexities of trade wars, financial realignments, and emerging blocs will be pivotal,' explain Harsh V Pant and Soumya Bhowmik.
The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
'The touchstone is reciprocity which will be applied to friends and foes alike.' 'It will be a bitter pill to swallow.'
Apple's ambitious strategy to expand iPhone exports, shift more production from China to India at a faster pace, and grow its domestic market hits a Trump-sized roadblock.
India and Canada aim at achieving a bilateral trade target of $15 billion in the next five years, even as both countries are beginning a series of negotiations to have a Comprehensive Economic Partnership Agreement (CEPA) soon that would yield significant economic benefit for both countries and lower tariffs over a large number of products, says Peter Van Loan, Minister of International Trade, Canada.
The China threat continues to resonate in the strategic partnership between India and the USA, points out Rup Narayan Das.
'Modi's intention was to create goodwill that will allow India to be seen by Trump as more than just a bad tariff problem.' 'He succeeded brilliantly on that count but none of these wins are unfortunately permanent.' 'Modi will have to do this again and again if Trump's grievances are to be durably assuaged.'
'India's manufacturing will take 10-15 years to catch up with China.'
'Narasimha Rao asked me why China was doing so well in attracting foreign investments and I gave my frank opinion.' 'I told him that giving thrust to exports had to be a national effort.' 'But in India, the system was very centralised in the Government of India and the state governments had no role to play.'
Citing the need for a more liberal regime for the banking and financial sector, RBI has opposed bilateral trade agreements. With no multilateral pacts with the WTO, the government had entered into free trade agreements, whose scope was later expanded to services, investment and even bilateral tax treaties. RBI has urged other countries such as UK, US and Europe to show reciprocity in granting branch licenses to Indian banks as they expect a similar treatment from India.
Nine years after New Delhi started implementing its Plan B - bilateral trade agreements - to beat the impasse at the World Trade Organisation's Doha Round of liberalisation talks, India seems to be finally rolling.
India could emerge as hub for apparel outsourcing but will have to undertake reforms in key areas like labour, according to McKinsey.
As a prelude to the proposed Free Trade Agreement, India and Bangladesh have agreed on a revised draft of bilateral trade agreement signed in 1980.
Grant of the status to India would help in further boosting trade between the countries.
Here are some of the best images clicked across the globe in the month of August.
'Many said his visit was very risky. But mercifully, Air Force One has taken off from Delhi without Mr Trump stepping on anybody's toes,' notes Ambassador T P Sreenivasan.
It is mind-boggling to find our prime minister putting exports on the back-burner, says Jayanta Roy.
Says CISCO executive chairman John Chambers, who's 'met every leader in the world, and got to know them very well.'
India will look to play a key role in the APEC, EU and Africa regions to increase its competitiveness.
'He is seeking to harness the power of Indian Diasporas to national (support for India in global capitals) and political (enhance the Bharatiya Janata Party's support base) ends.'
'A bit of marketing, a bit of positioning, and a lot of strategic thinking is required, and all this should be in aid of India's strategic intent: Becoming the third pole in a global G3 and aiming for Numero Uno,' says Rajeev Srinivasan.
Mexican President Enrique Pena Nieto's decision to cancel his planned trip to the United States next week was mutually agreed upon, US President Donald Trump has said stating that such a meeting would be "fruitless unless Mexico is going to treat America fairly".
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