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India can handle global trade crossfire: Goyal

NEW DELHI: Commerce and business minister Piyush Goyal on Friday stated India is definitely positioned to handle the "crossfire" as a result of global trade warfare at the strength of the rustic's financial system.

At a time when the sector is witnessing trade wars throughout international locations, India too will be impacted.

"Obviously, in a situation when the world is seeing trade wars across nations, across continents, India will come in the crossfire. But then its a cross fire which we can handle," the minister stated during Question Hour in Rajya Sabha.

The global trade warfare has been brought about by america after it raised duties on imports, together with aluminium and steel. Other countries, together with India too retaliated by raising import responsibility on items from america.

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After extending the time limit for a number of occasions, India has made up our minds to impose additional customs duties on 29 US products, together with almond, walnut and pulses, with effect from June 16, assets stated.

The minister stated irrespective of the sector trade situation, India is taking a look at tactics to "encash" opportunities to further exports.

The minister further stated India is competent to handle the global trade situation.

Goyal also dismissed contentions that India's exports were hit badly after america has terminated its preferential trade treatment or GSP (generalized gadget of personal tastes) to India from June five this 12 months.

"I would like to submit that the total impact of GSP is under $250-269 million in a year and for a country of size and strength of India, I can assure members (of the House) that it will not have any significant impact. India can handle the situation," he stated when requested if India was once discussing the issue with america.

GSP, the minister stated was once unilateral, elective concession given by america to India as developing country.

"Some of the demands that were raised on India were such that India could not yield. I think national sovereignty and national interest is paramount," he stated when requested if the federal government would start up further negotiations on this regard with america.

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President Donald Trump has terminated India's designation as a beneficiary developing nation under the key GSP trade programme after determining that it has now not assured america that it's going to provide "equitable and reasonable access" to its markets.

He further stated India will continue to barter with all countries, together with america, but it's going to now not be at the cost of sovereignty.

On the rustic's exports, Goyal stated it higher considerably during the final fiscal and within the present 12 months also, the outward shipments are showing increasing tendencies.

He further stated India has fortified its foreign currency echange reserves and the federal government is taking pro-active measures to advertise exports.

On a question associated with the imminent discuss with of US Secretary of State Mike Pompeo to India, Goyal stated there will be discussions on a number of issues.

Pompeo will be visiting India from June 25-27.

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