NEW DELHI– India is in negotiations with the United States on an interim bilateral trade agreement, Commerce and Industry Minister Piyush Goyal said Tuesday, even as Washington continues to pressure New Delhi over its purchases of Russian energy.
“We are in dialogue with the U.S. for a bilateral trade agreement (BTA),” Goyal told an industry chamber event in the capital. His comments came after the Trump administration imposed 50 percent tariffs on Indian exports, including 25 percent punitive duties tied to India’s oil trade with Moscow.
Talks on the proposed BTA had stalled after the U.S. delegation cancelled a scheduled sixth round of negotiations in New Delhi on August 25. India, however, remains hopeful of reviving discussions and moving the deal forward, Goyal said.
The minister stressed that India’s approach to trade negotiations is anchored in protecting domestic priorities. “When we do trade deals, I have to protect national interests,” he said. “We usually now work with different countries with the pre-understanding: you respect my sensitivities, I respect your sensitivities. There are areas of concern in every country in the world.”
Goyal described India-U.S. ties as “very consequential,” pointing to India’s resilience, strength, and position as the world’s fastest-growing economy.
Meanwhile, U.S. Treasury Secretary Scott Bessent struck an optimistic note, saying he expects the two sides to resolve their differences. “I think at the end of the day, India is the most populous democracy in the world. Their values are much closer to ours and to China’s than to Russia’s,” Bessent told Fox Business. “Two great countries will get this solved.” (Source: IANS)
