India, US Hold ‘Constructive’ Talks; Push For Early Conclusion Of Trade Deal

Union Commerce Minister Piyush Goyal, along with a high-level delegation, visited the US from Sept. 22 to 24 to advance discussions on bilateral trade and investment. Both sides held "constructive exchanges" on the possible contours of the trade deal, the Commerce Ministry said in an official release on Friday.

Both sides agreed to continue engagements with the objective of reaching an early conclusion of a mutually beneficial agreement, it added.

During the visit, Goyal met Ambassador Jamieson Greer, United States Trade Representative, and Sergio Gor, US Ambassador-designate to India.

Alongside official talks, the delegation engaged with leading US-based businesses and investors. The discussions focussed on promoting trade and investment opportunities across key sectors. The meetings drew a positive response, with business leaders reiterating their confidence in India’s growth story and expressing interest in expanding their operations in the country, the ministry added.

The resumption of India-US trade talks comes after a period of brief disruption, triggered by the imposition of 50% tariffs on New Delhi. This includes a 25% punitive levy for the purchase of Russian crude oil.

An American delegation, led by Brendan Lynch, the US chief negotiator and Assistant US Trade Representative for South and Central Asia, arrived in New Delhi earlier in September. Following the meeting, a statement was issued which suggested that India and the US have agreed to step up efforts to conclude a mutually beneficial trade agreement at the earliest.

On Thursday, NDTV Profit learnt from sources that India's Russian oil imports emerged as the most pressing issue in the trade negotiations held with the US this week.

The talks have been productive and "progressing well so far", the persons said, while adding that trade and visa-related issues are unlikely to be mixed, as US officials are keen to treat them as two separate subjects of discussion.