WASHINGTON: Union commerce minister Piyush Goyal and United States trade representative Jamieson Greer met in New York on Monday in an effort to accelerate trade talks between the two countries.
People aware of the development said both sides were hopeful that the meeting would yield a breakthrough and help New Delhi and Washington reach a trade deal. They added that both Greer and Goyal are keen to build on the momentum established by the recent positive interactions between Prime Minister Narendra Modi and US President Donald Trump.
The talks between Goyal and Greer mark the third meeting between the two leaders this year, following earlier encounters in March and May.
India was among the first nations to begin trade talks with America in February this year and engaged in five negotiation rounds between March and July, during which technical teams finalised most of the framework by June. The negotiations, however, ran into difficulty over market access for US agricultural products, tariff reciprocity issues and unresolved cases at the World Trade Organisation.
The talks come against the backdrop of economic tensions with the US, including trade hurdles, tariff disputes and President Donald Trump’s latest move to impose a $100,000 fee on H-1B visas.
{{/usCountry}}The talks come against the backdrop of economic tensions with the US, including trade hurdles, tariff disputes and President Donald Trump’s latest move to impose a $100,000 fee on H-1B visas.
{{/usCountry}}The talks come days after US chief negotiator Brendan Lynch met his Indian counterpart, special secretary, commerce, Rajesh Agrawal, on the proposed bilateral trade agreement (BTA) in New Delhi.
This was the first high-ranking US trade visit since the sixth round of negotiations scheduled for August 25 in New Delhi was postponed following the tariff escalation. The US had imposed a 25% reciprocal tariff that took effect August 7, followed by an additional 25% levy as penalty for Russian oil purchases that kicked in August 27, bringing the total rate to 50%.
While August marked a sharp escalation in the rhetoric from Washington, there has since been a stark diplomatic turnaround in recent weeks. Both President Trump and Prime Minister Modi have made multiple positive statements about the relationship. Trump subsequently announced a renewal of trade talks with India. Sergio Gor, Trump’s nominee to be the next US Ambassador to India, recently said that the two sides would likely reach a deal in a few weeks. Commerce minister Goyal had earlier this month expressed the hope that a deal would be concluded by November.