Now Reading: Parliament panel seeks US tariff exemptions for medicines, phones
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Parliament panel seeks US tariff exemptions for medicines, phones
A Rajya Sabha commerce committee has urged the government to conclude the proposed India-US Bilateral Trade Agreement quickly, while protecting Indian exporters. It recommended seeking complete exemption from future US tariff increases…
The Story in Brief
A Rajya Sabha commerce committee has urged the government to conclude the proposed India-US Bilateral Trade Agreement quickly, while protecting Indian exporters. It recommended seeking complete exemption from future US tariff increases for generic medicines, critical minerals and smartphones. The report was tabled in Parliament on Thursday.
The panel also proposed a dedicated Directorate General of Foreign Trade watch desk to track US Customs changes and alert exporters in real time. It sought a roadmap for $500 billion in bilateral trade by 2030, faster agreements to tackle non-tariff barriers and measures to support MSMEs. Rediff reports that tariffs on Indian goods currently stand at 18 per cent, a figure not cited by The Hindu BusinessLine.
The Indian Opinion
The lazy narrative that India must accept any trade deal for access to the US is as weak as the claim that tariff exemptions alone will transform exports. The committee’s proposals recognise both risks: sudden rules can hurt smaller firms, while services imports from the US are growing faster than India’s exports. The practical test is whether negotiations secure exemptions and deliver the $500 billion target by 2030.
Sources (2): thehindubusinessline.com, rediff.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
