Tariff reset by US lifts India's global trade competitive edge

[ad_1] New Delhi | Mumbai: The interim agreement between India and the US marks a step towards a bilateral trade agreement (BTA) with duty-free exports for many sectors, including most labour-intensive sectors such as textile, leather, handicrafts, toys, gems and jewellery, and a hi-tech sector like aviation.Boeing and Airbus are looking to India as its largest foreign OEM base for components going forward, commerce and industry minister Piyush Goyal said Saturday."Already Boeing and Airbus are large buyers of aircraft parts from India. I am told both these companies are looking at India as the largest foreign OEM for parts going forward, and I have had conversations with the top boards and CEOs of both companies. There is a lot of excitement about the India-US partnership," he said.In response to ET's query sent to Boeing, the company's India and South Asia President Salil Gupte said, "The US-India trade agreement opens up multi-fold opportunities, and we are excited by its potential to accelerate bilateral trade and economic relations between the two countries. We have always advocated a zero-for-zero tariff approach for the aerospace and defence sectors because of its tremendous impact across travel & connectivity. This deal creates momentum to extend that principle, which would boost industrial growth, strengthen national security, and deliver win-win opportunities for both countries."Live Events "For capital-intensive sectors such as aerospace manufacturing, certainty in tariffs and predictability in policy are critical for sustained growth," said Jurgen Westermeier, president & MD of Airbus India and South Asia. [ad_2] Source link Follow Us: https://facebook.com/gagab2b https://youtube.com/gagab2b https://gagab2b.com https://gagab2b.com/import-export-news/import-export-india-news/tariff-reset-by-us-lifts-indias-global-trade-competitive-edge/?feed_id=4097&_unique_id=698c051732a0d

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