US-India Trade Talks Aim to Conclude New Bilateral Agreement

In a concerted effort to finalize a comprehensive bilateral trade agreement, India's Commerce and Industry Minister Piyush Goyal is currently leading high-level negotiations in the United States, confirmed by government sources on Wednesday. The discussions, involving a delegation of senior ministry officials such as Rajesh Agrawal, India's Chief Negotiator, address both trade and non-trade issues.

The team is anticipated to return to India by the week's end, following a recent round of talks in New Delhi on September 16 between US Chief Negotiator Brendan Lynch and Agrawal. The Commerce Ministry described these talks as positive, emphasizing an acceleration toward an 'early and mutually beneficial conclusion.'

The backdrop of these negotiations is heightened trade tensions, as the US recently imposed a 25 percent tariff with an additional penalty on Indian goods, linked to India's ongoing imports of Russian crude. Nevertheless, the bilateral agreement, launched in February, seeks to boost trade volumes from USD 191 billion to USD 500 billion by 2030. This visit marks Goyal's second trade mission to Washington this year, focusing on strengthening economic ties despite the challenges.

(With inputs from agencies.)