An Indian workforce beneath commerce secretary Rajesh Agrawal held talks with the US facet in Washington final week. Goyal additionally led an official delegation to New York for commerce talks final month.
“We proceed to have interaction with them and talks are progressing,” Goyal informed Doordarshan in Berlin.
Leaders of India and the US had in February directed officers to barter a proposed bilateral commerce settlement, setting a deadline to conclude the primary a part of the pact by autumn (October-November) this 12 months. 5 rounds of negotiations between the 2 international locations have to date been accomplished.
The negotiations are happening at a time when relations between the 2 international locations have hit a tough patch after the Trump administration imposed as a lot as 50% further tariffs on most Indian items, which embody a 25% additional import responsibility for getting Russian crude oil.
This prompted India to explain the tariffs as “unfair, unjustified and unreasonable”, particularly when others, particularly Europe and China, proceed to purchase Russian power merchandise in a lot bigger volumes with none penal duties levied on them.Negotiations between the 2 sides briefly halted after the US introduced the additional tariff. Talks resumed in September, with assistant US commerce consultant for South and Central Asia Brendan Lynch assembly Indian officers in New Delhi.
Either side had agreed within the September assembly to work in the direction of an early and mutually helpful conclusion of the commerce deal. The US is India's greatest market, having accounted for a fifth of its complete merchandise exports of $437 billion in 2024-25.
