As India's Russian energy purchase fueled tensions on Tuesday, Union Commerce and Trade Minister Piyush Goyal confirmed that New Delhi is in talks with Washington to finalize an interim bilateral trade pact.
Speaking at an industry chamber conference, Goyal stated, “We are in dialogue with the US for a bilateral trade agreement (BTA),” after the Trump administration's 50 percent tariffs on India, with a 25 percent retaliatory tariff associated with Russian oil imports.
India is optimistic to resume negotiations for the proposed BTA and break the present impasse. The sixth round of the talks, scheduled to take place on August 25 in New Delhi, was put off after the US side canceled their visit.
"I've always held a very clear vision. When we do trade deals, I have to protect national interests. We usually now work with different countries with the pre-understanding, before even getting into negotiations: you respect my sensitivities, I respect your sensitivities. There are areas of concern in every country in the world," Commerce Minister said at an event in the national capital.
The minister also underlined the strategic value of India-US relations, terming the relationship as "very consequential" and adding that India has resilience, strength, and potential as the world's fastest-growing major economy.
Meanwhile, US Treasury Secretary Scott Bessent has said “two great countries will get this solved”, as the Trump administration hopes to resolve trade friction with India soon.
Speaking to Fox Business, Bessent said: “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”.
He went on, "I believe ultimately two good nations will figure this out," indicating optimism that the trade tension would be resolved soon.
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