India, US to step up efforts for BTA's early conclusion
New Delhi: India termed on Tuesday's trade discussions with the US "positive" and "forward-looking" and said the two sides decided to intensify efforts to achieve early conclusion of a mutually beneficial trade agreement.
The US described the talks "positive" for the proposed bilateral trade agreement (BTA).
A team of American trade officials led by Brendan Lynch, assistant US trade representative for South and Central Asia, met Indian trade negotiators in New Delhi to discuss India-US trade ties including the proposed BTA.
This was the first in-person meeting after President Donald Trump imposed penal tariffs on New Delhi over purchases of Russian oil effective August 27.
"Acknowledging the enduring importance of bilateral trade between India and the US, the discussions were positive and forward-looking covering various aspects of the trade deal," India's commerce and industry ministry said in a statement.
The way forward
A spokesperson at the US embassy in India said the two sides discussed the next steps in bilateral trade negotiations.
The meeting, which went on for around seven hours, follows Trump adopting a more conciliatory tone in statements last week and expressing optimism over finalisation of the trade deal.
The two sides had in February announced their aim to conclude the first tranche of the BTA by fall this year and five rounds of talks have taken place in that direction. India’s exports to the US fell to $6.86 billion in August from $8.01 billion in July.
The US trade team had been scheduled to visit India August 25-29 for the sixth round of negotiations on the BTA but that got deferred amid Washington imposing steep 50% tariffs on India, of which 25% is a penal levy for buying oil from Russia. The two sides have held virtual meetings on a weekly basis since then.
The US has been pressuring India to curb Russian oil purchases, as it claims this was helping to fund that country’s war with Ukraine.
US ambassador-designate to India Sergio Gor told the Senate last week that Trump had invited the country’s trade minister to meet US trade representative Jamieson Greer in Washington.
“We have also noted that, as part of his Senate hearing, he mentioned that the Indian trade minister has been invited,” Rajesh Agrawal, special secretary at the Department of Commerce, said Monday. “Tomorrow (Tuesday), we will have discussions on it… Only trade-related issues will be discussed, non-trade issues will not be discussed,” he told reporters.
Officials said Monday that Tuesday’s day-long meeting would be a precursor to the next formal round of negotiations that would take place depending on the outcome of the discussions.
Change in stance
Meanwhile, Washinton is pressuring India to buy US soybean and corn, something that New Delhi is resisting citing concerns on genetically modified varieties.
India and the US have been engaged in discussions at various levels ranging from the team of negotiators to the ministerial level, but talks did not progress as the “environment was not conducive” and so Tuesday’s meeting was in “continuation” of the talks.
The US described the talks "positive" for the proposed bilateral trade agreement (BTA).
A team of American trade officials led by Brendan Lynch, assistant US trade representative for South and Central Asia, met Indian trade negotiators in New Delhi to discuss India-US trade ties including the proposed BTA.
This was the first in-person meeting after President Donald Trump imposed penal tariffs on New Delhi over purchases of Russian oil effective August 27.
"Acknowledging the enduring importance of bilateral trade between India and the US, the discussions were positive and forward-looking covering various aspects of the trade deal," India's commerce and industry ministry said in a statement.
The way forward
A spokesperson at the US embassy in India said the two sides discussed the next steps in bilateral trade negotiations.
The meeting, which went on for around seven hours, follows Trump adopting a more conciliatory tone in statements last week and expressing optimism over finalisation of the trade deal.
The two sides had in February announced their aim to conclude the first tranche of the BTA by fall this year and five rounds of talks have taken place in that direction. India’s exports to the US fell to $6.86 billion in August from $8.01 billion in July.
The US trade team had been scheduled to visit India August 25-29 for the sixth round of negotiations on the BTA but that got deferred amid Washington imposing steep 50% tariffs on India, of which 25% is a penal levy for buying oil from Russia. The two sides have held virtual meetings on a weekly basis since then.
The US has been pressuring India to curb Russian oil purchases, as it claims this was helping to fund that country’s war with Ukraine.
US ambassador-designate to India Sergio Gor told the Senate last week that Trump had invited the country’s trade minister to meet US trade representative Jamieson Greer in Washington.
“We have also noted that, as part of his Senate hearing, he mentioned that the Indian trade minister has been invited,” Rajesh Agrawal, special secretary at the Department of Commerce, said Monday. “Tomorrow (Tuesday), we will have discussions on it… Only trade-related issues will be discussed, non-trade issues will not be discussed,” he told reporters.
Officials said Monday that Tuesday’s day-long meeting would be a precursor to the next formal round of negotiations that would take place depending on the outcome of the discussions.
Change in stance
Meanwhile, Washinton is pressuring India to buy US soybean and corn, something that New Delhi is resisting citing concerns on genetically modified varieties.
India and the US have been engaged in discussions at various levels ranging from the team of negotiators to the ministerial level, but talks did not progress as the “environment was not conducive” and so Tuesday’s meeting was in “continuation” of the talks.
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