India, US held constructive meetings on trade deal, to continue engagements: Govt

An Indian delegation led by Union Minister Piyush Goyal had constructive meetings with the US government on various aspects of the trade deal, the Commerce and Industry said on Friday.

The Indian team visited the United States from September 22 to 24 for a fresh round of trade talks to break a months-long deadlock over the proposed bilateral pact.

During the visit, Goyal met US Trade Representative Ambassador Jamieson Greer and Sergio Gor, the US Ambassador-designate to India, and also held discussions with key American businesses and investors to promote trade and investment.

Both sides exchanged views on possible contours of the deal, and it was decided to continue the engagements with a view to achieving early conclusion of a mutually beneficial Trade Agreement, the ministry said in a statement.

The talks seek to revive a draft agreement that was largely finalised earlier this year but stalled after Washington pressed for additional concessions from New Delhi. The negotiations, which began on Monday, covered both trade and non-trade issues.

The proposed deal aims to more than double bilateral trade to USD 500 billion by 2030 from the current USD 191 billion.

However, differences remain over US market access for Indian agricultural products, tariff reciprocity and pending World Trade Organization disputes.

The talks have also been overshadowed by steep US tariffs, comprising a 25% duty and an additional 25% penalty on Indian goods over India’s purchase of Russian crude oil.

The ministry said business leaders who met the Indian delegation “reposed confidence in the India growth story and expressed their desire to intensify their business activities in India.”