India's trade minister Goyal likely to visit US soon for trade talks - PTI

India's trade minister Goyal likely to visit US soon for trade talks - PTI

India's Commerce and Industry Minister, Piyush Goyal, is set to visit the United States soon for trade talks, according to a report by PTI. The visit comes amid ongoing negotiations between India and the US to revive and conclude the Bilateral Trade Agreement (BTA). The BTA talks, which had been stalled due to US tariffs on Indian imports, are now progressing positively, with both sides committed to achieving a mutually beneficial conclusion.

Goyal stated that the trade talks with the visiting US team were positive and that both sides agreed to push for an early conclusion of the agreement. The talks, which lasted for seven hours, covered key issues such as tariffs, energy imports, market access, digital services tax, and data localization. The US has imposed a steep 50 percent tariff on Indian goods, which has been a major point of contention in the negotiations.

The BTA negotiations had stalled in August when the US imposed a 50 percent tariff on Indian imports, affecting various sectors including garments. The tariffs were reportedly linked to India's continued purchase of Russian oil, which the US views as supporting Russia's war in Ukraine. However, India has maintained its strategic autonomy and emphasized the need to source cheaper oil to maintain fiscal stability.

Goyal's visit to the US is expected to intensify efforts to achieve an early conclusion of the BTA. The visit comes after a period of heightened tensions between the two countries, with the US imposing tariffs and India resisting pressure to halt Russian oil imports. The BTA negotiations had previously completed five rounds, with the sixth round scheduled for August 25-29 but postponed due to the tariff increases.

The progress in the BTA talks is significant for both countries, with the potential to strengthen bilateral economic ties and open up new market opportunities. Investors and financial professionals are closely watching the developments, as a successful conclusion of the BTA could have a positive impact on both economies.