Piyush Goyal announced that the US may impose a zero tariff on India's textile sector, following recent relaxations in trade conditions between India and the US.
Piyush Goyal, India's Union Commerce Minister, has revealed that the Indian textile sector could soon benefit from a zero tariff as part of ongoing trade negotiations with the United States. Coming on the heels of significant changes in the India-US trade deal fact sheet, there appears to be a growing possibility for increased concessions shortly. This development follows recent concessions given to India, drawing parallels with the benefits already provided to Bangladesh under US trade agreements.
Goyal emphasized that the Indian textiles sector would gain similar advantages after the final agreements are signed, which would provide much-needed relief to Indian textile exporters who have been facing challenges due to the US-Bangladesh trade deal. In this context, these potential tariff eliminations are seen as critical to boost India's competitiveness in the textile industry, particularly amidst the difficulties posed by the existing international trade landscape.
The timing of Goyal's statement also reflects the heightened political discourse surrounding the India-US Trade Deal, with various political dynamics at play as officials continue to negotiate favorable terms for their respective countries. The discourse includes criticisms aimed at opposition parties, indicating a strategic use of this trade development for domestic political gain.
