Finance minister Nirmala Sitharaman: WTO-approved trade tariffs designed for national growth

Union Finance Minister Nirmala Sitharaman explained that trade tariffs reaching 100 percent fit World Trade Organisation protocols because they serve both national development and the domestic industry growth. The defense against the 100 percent American import trade tariffs received its response from the finance minister as he declared tariffs to be valid instruments. According to WTO regulations your organization should levy all permissible trade tariffs at this developmental stage when your domestic industry requires protection.

Budget implementation

The finance minister explained during her post-budget session in Karachi that WTO standards uphold this trade policy practice. The economic protection of domestic industries through trade tariffs is not just a temporary measure according to Finance Minister Nirmala Sitharaman who declared that this policy will continue after budget implementation. This policy also focuses on exports to accessible worldwide markets.

Finance Minister Nirmala Sitharaman

The Indian Minister mentioned that Commerce Minister Piyush Goyal currently meets with US Commerce Secretary and United States Trade Representative (USTR) during his visit to the United States. Sitharaman declared that he would return with Goyal to make his decision based on the meetings where Goyal thoroughly consulted stakeholders before leaving for the United States. The assessments regarding Indian export interests will become possible during the progress of these ongoing negotiations according to the minister. Sitharaman reported many concerns about export interest protection arose during a meeting that preceded the post-budget interaction.

United States Trade Representative 

The government minister said that Commerce Minister Piyush Goyal meets US Commerce Secretary and United States Trade Representative (USTR) currently in America to work on mutual trade policies. Sitharaman indicated he would return with a decision after Goyal completed negotiations with relevant stakeholders that involved his US trip. The ability to evaluate Indian export interests will emerge with our advancing negotiations according to the minister. Indian export interests became the focus of attention at a meeting preceding the budget session according to Sitharaman.