‘India in regular contact with US on trade deal’

PTI

New Delhi

India is in regular contact with the US to negotiate the proposed bilateral trade agreement, Commerce Secretary Rajesh Agarwal stated on Thursday. Agarwal stated that both sides are committed to the framework deal agreed upon in February. Both sides finalised contours for the first phase of the trade agreement in February. However, changes in the US tariff landscape prompted further negotiations between the two nations. 

The US currently imposes an additional 10% duty on Indian goods under a Section 301 probe concerning alleged forced labour. "We are engaged with the US side on the trade deal and our contacts are regular," Agarwal said. 

Regarding the US Russian oil tariff bill, the secretary declined to comment, stating it is an internal legislative process underway in the US. Earlier this month, the US Senate voted overwhelmingly to approve a bill penalising Russia and key buyers of its petroleum products, such as China and India, claiming such trade fuels the Ukraine war.  

Agarwal stated that a key outcome of a trade agreement is enhanced stability and predictability, enabling businesses to plan effectively. The Commerce Ministry stated that India continues active engagement with US authorities to resolve outstanding trade issues while working toward an early conclusion of the bilateral trade agreement.