Trade talks still on with US, nothing final: Comm Secy to Par panel on Trump's tariff claims

New Delhi, Mar 10 (PTI) Negotiations are still on and no agreement on trade tariffs has been reached so far between India and the US, Commerce Secretary Sunil Barthwal told a Parliamentary panel on Monday.

The Commerce Secretary briefed the Parliamentary Committee on External Affairs on US President Donald Trump's recent claims that India has agreed to reduce its tariffs "way down", while Foreign Secretary Vikram Misri briefed the committee on China and Europe.

With several members raising concerns over Trump's claim of India having agreed to reduce tariffs, the Commerce Secretary told them that one cannot go by US President's claims and on media reports as the bilateral trade agreement talks between the two nations are still on.

India has not committed to anything on trade tariffs to the US, he told the panel.

Sources said several members posed questions to him on US-India trade talks and he reportedly addressed their fears saying that the interests of India would be taken care of during the trade negotiations.

Sources add that Barthwal said India was in favour of free trade and wanted liberalisation of trade, which will help increase trade between the two countries.

He told the members that tariff war does not help anyone, including the US, and can lead to a recession, the sources said.

On some members saying why India was not raising its voice against tariffs, as done by Canada and Mexico, he said the two were not comparable as the US had security concerns and border immigration issues with them.

Sources added that India will sign a "mutually beneficial agreement".

He also told the panel that India will protect such industry which is crucial to its domestic economy, saying developing countries cannot lower their tariffs on everything.

India can reduce tariffs mutually bilaterally but not multilaterally and that is why a bilateral trade agreement was being worked out, he said.

Foreign Secretary Vikram Misri reportedly informed the panel about India's ties with China and Europe.

According to sources, he said the construction of a dam on the river Brahmaputra in south-eastern China was an issue of concern for India, as China has earmarked funds for its development in its plans outlay. PTI SKC SKC MR MR

Source: PTI