India, US To Start Ministerial Trade Talks
The pact aims to more than double bilateral trade to $500 billion by 2030, up from the current $191 billion: Reports
NEW DELHI: Ministerial-level talks between India and the United States are set to begin in Washington on Monday, with a delegation led by Union commerce and industry minister Piyush Goyal, India’s chief trade negotiator Rajesh Agrawal, and senior ministry officials having left for the US on Sunday. Both sides are expected to address key differences and make progress toward a mutually beneficial trade pact, a ministry official said.
The visit follows recent daylong discussions in New Delhi between US chief negotiator Brendan Lynch and his Indian counterpart Rajesh Agrawal on the proposed bilateral trade agreement. “So far, trade talks with US officials have been positive, and we are looking forward to clinching the first tranche of the tariff deal with the US very soon,” the official said.
The official added that high-stakes trade discussions would also take place on the political front when external affairs minister S. Jaishankar meets US Secretary of State Marco Rubio on the sidelines of the UN General Assembly in New York next week. “Jaishankar’s travel plans to the US are being finalised, and an official announcement will be made soon,” the official said.
This round of talks comes after the US imposed a 25 per cent tariff and an additional 25 per cent penalty on Indian goods over purchases of Russian crude oil. On September 16, the commerce ministry said discussions with the visiting US trade team were positive, with both sides agreeing to push for an early and mutually beneficial conclusion of the agreement.
India had earlier planned to conclude the first tranche of the trade pact by the fall of 2025 (October-November). Later, commerce ministry officials said both nations would reach a final decision on the first tranche by November this year. So far, five rounds of negotiations have been completed.
The pact aims to more than double bilateral trade to $500 billion by 2030, up from the current $191 billion.