The meeting assumes significance as the minister has recently returned from Washington after holding trade talks with his US counterparts.
An industry official said the exporting community is concerned about the threat of the US to impose reciprocal tariffs as it could impact India’s exports to America, which is its largest trading partner.
However, they added that if the US would give duty concessions under the proposed trade agreement to India, sectors like textiles, handicrafts, leather, and gems and jewellery would get a boost.
US Commerce Secretary Howard Lutnick has said that India should open its agri sector also.
India has by and large protected the agri sector in all the free trade agreements as the segment involves the protection of the interest of millions of domestic farmers, who are engaged in sustenance farming. Commerce Secretary Sunil Barthwal on Monday told a Parliamentary panel that negotiations are still on and no agreement on trade tariffs has been reached so far between India and the US. The Commerce Secretary briefed the Parliamentary Committee on External Affairs on US President Donald Trump’s recent claims that India has agreed to reduce its tariffs “way down” while Foreign Secretary Vikram Misri briefed the committee on China and Europe.
India has not committed to anything on trade tariffs to the US, he told the panel.
Last week, US President Donald Trump said India has agreed to cut its tariffs “way down” as he reiterated his claim that the country charges America massive tariffs that make it difficult to sell products there.
