U.S. trade discussions on the horizon with Piyush Goyal's impending visit, according to reports
The India-USA trade talks resumed earlier this week, bringing renewed optimism for a mutually beneficial agreement between the two nations. The Chief Economic Adviser, V Anantha Nageswaran, expressed optimism about the potential improvement in trade ties, stating that the penal tariff imposed on Indian imports by the USA government may be withdrawn after November 30.
Anantha Nageswaran, in a statement to news agency ANI, believes that the 25% tariff may not be in place after November 30. This optimistic outlook comes after USA President Donald Trump's decision to double tariffs on India by imposing an additional 25% levy triggered tense ties between the two nations.
The USA trade envoy for South Asia, Brendan Lynch, is set to travel to New Delhi in the coming days to continue the negotiations. The USA embassy stated that Lynch had a positive meeting to discuss the next steps in bilateral trade negotiations.
Since March, India and the USA have held five rounds of talks on the proposed bilateral trade agreement (BTA). The decision was made to intensify efforts to reach an agreement soon in the India-USA trade talks.
India and the USA have agreed to intensify efforts for the early conclusion of a mutually beneficial trade agreement. This agreement was made amidst the resumed trade talks in New Delhi.
The commerce ministry issued a statement on September 16 about the resumed trade talks. Meanwhile, Commerce industry minister Piyush Goyal is expected to visit Washington soon.
Trump mentioned a phone call he made to PM Modi on his birthday eve and extended his birthday wishes. The USA President stated that he is 'very close' to Prime Minister Narendra Modi during his state visit to the United Kingdom.
However, the negotiations were disrupted in the past when the American side pulled out of the sixth round of talks amid increased criticism from USA officials over India's energy and military purchases from Russia.
As the negotiations continue, both nations are working towards a mutually beneficial agreement that will strengthen the economic ties between them. The outcome of these negotiations will be closely watched by both nations and the global economy.
