Commerce and industry minister Piysuh Goyal on Tuesday said that India and the US are negotiating a trade deal. The comments assume significance at a time when US President Donald Trump has imposed 50% tariffs on India and his administration has been accusing India of financing the Russia-Ukraine war via its procurement of Russian crude oil.India on its part has drawn its red lines on the trade deal, refusing to open its agricultural and dairy sectors. India has also asserted its strategic autonomy in its trade with Russia.
At an industry chamber event focused on sustainability, Goyal said, “We are in dialogue with the US for a BTA.”The negotiations between India and the US started in March, with five rounds of discussions having been concluded thus far.Following the implementation of a 50% tariff from August 27, the American delegation postponed their planned visit to India for the subsequent round of talks, which was originally set for August 25.Currently, the dates for the sixth round of negotiations remain undetermined.Last week, an ET report said that India and the US maintain active communication channels to address their current tariff disagreement. Officials have assured exporters that the situation is transient within their enduring bilateral relationship, advising against undue concern.Discussions regarding the proposed Bilateral Trade Agreement will progress based on mutual consideration of each nation’s concerns and non-negotiable parameters. Officials noted, “The impact (of the tariffs) is unlikely to be as severe as feared given the diversified nature of Indian exports. It is a temporary phase in a long-term relationship.”A few days ago US Treasury Secretary Scott Bessent struck a reconciliatory note, characterising the India-US relationship as “very complicated,” whilst expressing optimism that “at the end of the day, we will come together.”
