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India's Commerce Minister in Estonia: Russia is a reliable partner for India
🇪🇪 Estonia /Elections & Politics

India's Commerce Minister in Estonia: Russia is a reliable partner for India

From Postimees · () Estonian

Translated from Estonian, summarized and contextualized by DistantNews.

At a glance

Interview Named sources Context piece
  • India's Commerce Minister emphasized that trade agreements must be mutually beneficial, highlighting the fairness and balance of the India-EU agreement.
  • The minister noted that India is reducing or eliminating tariffs on some goods, making European products more competitive in the Indian market.
  • This shift contrasts with India's previous practice of protecting its market with high tariffs on European Union manufacturers.

India's Commerce Minister stressed that trade agreements must benefit both parties. In an interview with Postimees, the minister highlighted the India-European Union agreement as fair, balanced, and creating opportunities for both India and all 27 EU member states.

Previously, India protected its market from European Union manufacturers using high tariffs. However, the minister announced that tariffs on some goods are now falling by several tens of percent or being eliminated entirely. This change makes European products competitive in the Indian market.

The minister's comments come as India seeks to deepen economic ties with the EU. The reduction in tariffs is expected to boost trade volumes and strengthen economic relations between the two entities. This move signifies a potential shift in India's trade policy, moving towards greater liberalization and integration with the global economy.

We are proud that the India and European Union agreement is fair, balanced, and creates opportunities for both India and all 27 EU member states.

— India's Commerce MinisterDescribing the benefits of the trade agreement between India and the EU.
DistantNews Editorial

Originally published by Postimees in Estonian. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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