New Delhi [India], July 30 (ANI): Referring to the recent trade agreements between US and other countries such as the EU, Indonesia, Philippines and the latest comments by Donald Trump that India may have to pay 20-25 per cent tariffs, Vice Chancellor of Indian Institute of Foreign Trade (IIFT) Professor Rakesh Mohan Joshi on Wednesday equated them with arm-twisting by the US President.
Talking to ANI, Professor Joshi said Donald Trump is arm-twisting countries and threatening them in the name of tariffs.
Citing US-EU trade understandings, Professor Joshi said, “He’s (President Trump is) forcing countries to buy energy, forcing countries to buy some technology. He’s forcing countries to buy aircraft. He’s forcing countries to buy defence equipment just to balance the trade.”
In the recent deal, the US imposed 15 per cent tariffs on the EU and on the other hand US got free access to the EU, besides some ‘mandatory’ buying of US goods by the EU.
Joshi, shifting his focus to India-US BTA negotiations, where the US is strongly pushing for greater access to Indian agriculture and dairy goods, said opening these critical sectors for the US is not in India’s interest.
“We produce more than double the milk that America produces, and in case the duty-free access to the dairy is allowed to America or maybe for any other country, our dairy farmers would be absolutely left at the mercy of God, and it would create a lot of havoc in the whole country,” Joshi supplemented.
“It is the same thing for agriculture. It’s a matter of livelihood, which is not the case in America. In America, agriculture is basically a commercial entity. In India, it’s a livelihood, so let me complement our negotiators who have resisted very hard against the duty-free entry of these US goods.”
The recently signed India-UK FTA has, however, been balanced and win-win for both countries, he said.
“India-UK FTA has been a trendsetter. And it sets a very new benchmark for the international diplomatic relations and not only India, the whole world need to understand from this that it is the the diplomacy, long term diplomacy and you know, mutual trust where countries can enter into a win-win kind of a trade agreement,” he added.
In the India-UK FTA, 90 per cent of the tariff lines for the UK products imported in India have seen duty been reduced by India. Similarly, the UK has reduced duty for 99 per cent of India’s products going to their market.
“It’s historic and this (India-UK) deal has demonstrated to the whole world that it is not by threatening arm twisting, you can strike a deal,” Professor Joshi added.
US President Donald Trump had imposed reciprocal tariffs on dozens of countries with which the US has a trade deficit.
Later, President Trump decided to pause the tariffs for 90 days after many countries initiated talks with the US administration for a trade deal. In these 90 days, starting April 9, and ending on July 9, President Trump imposed a 10 per cent baseline tariff on all countries.
The Trump administration has deferred imposing additional tariffs on several countries, including India, till August 1, and indicated a further extension was unlikely.
Since assuming office for his second term, President Trump has reiterated his stance on tariff reciprocity, emphasising that the United States will match tariffs imposed by other countries, including India, to ensure fair trade. (ANI)
Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News
HINDI, MARATHI, GUJARATI, TAMIL, TELUGU, BENGALI, KANNADA, ORIYA, PUNJABI, URDU, MALAYALAM
For more details and packages
