India-US Discussing Bilateral Trade Agreement: Piyush Goyal
India is in discussions with the US regarding a bilateral trade agreement, stated Trade Minister Piyush Goyal. His remark follows closely on the heels of Washington's decision to double tariffs on Indian products due to New Delhi's ongoing acquisitions of Russian oil. Goyal stated at an industry chamber event in New Delhi.
Goyal mentioned that India is establishing new trade agreements with nations like the European Union, Chile, Peru, New Zealand, Australia, and Oman, and has already finalized deals with the EFTA bloc, the UK, and the UAE.
"Much has occurred and much more is ahead," Goyal remarked, noting that India contributes 18 percent to global growth.
The Economic Times reported on August 28, referencing unnamed officials, that India is optimistic about re-engaging in discussions with the US regarding the proposed bilateral trade agreement (BTA), and addressing the significant 50 percent tariffs on Indian products will be crucial for finalizing the agreement.
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Informal discussions are underway between India and the United States, and New Delhi currently has no plans to address US President Donald Trump’s 50 percent tariffs on the nation.
Indian exporters are experiencing one of the most challenging trade disruptions in years, as the United States on August 27 implemented an extra 25 percent tariff on essential products from India, combining with a pre-existing 25 percent duty to raise the total US tariff to 50 percent. The decision is associated with India's ongoing acquisition of Russian oil and military supplies.
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White House trade adviser Peter Navarro and US Treasury Secretary Scott Bessent have claimed that India is indirectly financing Russia’s war in Ukraine via its oil imports.