The Indian government has stepped up its engagement with countries ranging from the UAE to Qatar, South Africa and Australia as it looks to push Indian goods into markets outside the United States amid trade uncertainty.
Commerce and Industry Minister Piyush Goyal met his counterparts from South Africa and Qatar last week, two countries with which India does not have trade agreements at the moment. Consultations with the UAE and Australia, which already have trade deals with India, were aimed at building on the existing foundation, sources told The Times of India.
At the same time, India is holding talks with the United States on a bilateral trade deal, Goyal said on Tuesday. His statement came just days after Washington doubled tariffs on Indian goods in response to New Delhi’s continued purchases of Russian oil.
Also Read: India-US discussing bilateral trade agreement, Piyush Goyal says
Goyal said India is also working on new trading arrangements with countries such as the European Union, Chile, Peru, New Zealand, Australia and Oman. He added that agreements have already been concluded with the EFTA bloc, the United Kingdom and the UAE.
“Lots have happened and lots more to go,” Goyal said, adding that India is a provider of 18% of global growth.
Sources told ToI, India and Qatar are expected to begin talks for a trade deal in the coming months. Australia is keen that the government takes forward the comprehensive economic agreement, which will build on the current Economic Cooperation and Trade Agreement.
In a separate bilateral meeting, India and the UAE discussed ways to enhance and facilitate trade in pharmaceuticals and healthcare products, with the aim of boosting economic ties, the commerce ministry said on Monday.
The UAE conveyed a positive outlook on speeding up registration processes and regulatory facilitation, while India highlighted its openness and readiness for inspections and audits by UAE authorities, the ministry said.
“In the pharmaceutical sector, key issues were discussed in light of evolving geopolitical challenges. Both sides exchanged views on ways to further facilitate trade in pharmaceuticals and healthcare products,” it added.
Commerce and Industry Minister Piyush Goyal met his counterparts from South Africa and Qatar last week, two countries with which India does not have trade agreements at the moment. Consultations with the UAE and Australia, which already have trade deals with India, were aimed at building on the existing foundation, sources told The Times of India.
At the same time, India is holding talks with the United States on a bilateral trade deal, Goyal said on Tuesday. His statement came just days after Washington doubled tariffs on Indian goods in response to New Delhi’s continued purchases of Russian oil.
Also Read: India-US discussing bilateral trade agreement, Piyush Goyal says
Goyal said India is also working on new trading arrangements with countries such as the European Union, Chile, Peru, New Zealand, Australia and Oman. He added that agreements have already been concluded with the EFTA bloc, the United Kingdom and the UAE.
“Lots have happened and lots more to go,” Goyal said, adding that India is a provider of 18% of global growth.
Sources told ToI, India and Qatar are expected to begin talks for a trade deal in the coming months. Australia is keen that the government takes forward the comprehensive economic agreement, which will build on the current Economic Cooperation and Trade Agreement.
In a separate bilateral meeting, India and the UAE discussed ways to enhance and facilitate trade in pharmaceuticals and healthcare products, with the aim of boosting economic ties, the commerce ministry said on Monday.
The UAE conveyed a positive outlook on speeding up registration processes and regulatory facilitation, while India highlighted its openness and readiness for inspections and audits by UAE authorities, the ministry said.
“In the pharmaceutical sector, key issues were discussed in light of evolving geopolitical challenges. Both sides exchanged views on ways to further facilitate trade in pharmaceuticals and healthcare products,” it added.
You may also like
Missing Bolton teen, 19, found dead in reservoir two days after disappearance
North Korean leader appears to be accompanied by daughter on China visit, says intelligence agency
New Look shoppers save £32 on Skechers so comfortable shoppers 'own 19 pairs'
The Office star shares what they never could've predicted while filming new show
Original The Office star names British actor he would add to cast of spin-off
