Diabytes
Trade deal News
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In a change from the India-UK trade talks, where negotiations and signing were announced separately, India and Oman plan to announce the completion of talks and the signing of the deal together.
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This is good news for Indian exporters because these items are worth more than USD 25 billion and make up a large part of India’s exports to the US.
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This development follows Union Commerce and Industry Minister Piyush Goyal’s recent statement that India will sign a trade deal with the United States or any other developed country only if it is mutually beneficial and protects national interests, and comes against the backdrop of India’s high-level delegation, led by chief negotiator Rajesh Agrawal, returning from Washington without a final agreement on the sensitive issue of agricultural and dairy trade.
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Goyal’s remarks come against the backdrop of India’s high-level official delegation, led by chief negotiator Rajesh Agrawal, returning from Washington after trade talks with US officials without reaching a final agreement on the sensitive issue of trade in agricultural and dairy products.
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Trump said that US wants a complete removal of trade barriers, which he described as "unthinkable" and admitted he was not sure such a deal would be possible.
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A delegation of officials from the United States will travel to India next week to give final touches to the India-US trade deal. Sources told ANI that the trade talks have been very constructive and covered a wide range of issues that were pending on the table.
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Talking about the IMF and WB meetings, Union Finance Minister Nirmala Sitharaman said the discussions were mostly focused on the economic slowdown.
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The Union minister asserted that India is moving towards USD 5 trillion economy and very soon global community would start seeing India as a economic superpower.
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World Trade Organization (WTO) members met in Geneva on Friday trying to finalise a deal to cut tariffs on $1 trillion of information technology products from video games to medical equipment.
The 16 economies account for over a quarter of the world economy. RCEP negotiations were launched in Phnom Penh in November 2012.
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