New Delhi: Talks between India and the US for the trade agreement between the both nations have reached a plateau, beyond which “giving or taking might be very, very difficult”, Union finance minister Nirmala Sitharaman said on Monday.
“The agreement negotiations are still ongoing, although we’d like to believe that both the sides have reached a plateau beyond which giving or taking might be very, very difficult. But maybe if there are rooms to operate from, both sides would do it,” she said while speaking at the Munich Leaders Meeting.
The agreement was still being “very rigorously negotiated”, she noted.
“But what is the predominant feature of the trade relations between India and the US? The trade balance is very much in our favor,” Sitharaman said.
The US would naturally want to reduce the imbalance, with Washington seeking to address what it sees as losses accumulated over the years, the finance minister said.
She also pointed out that there is no “Lindsay Graham bill” in Europe that could determine India’s trade negotiations with the European Union.
“In Europe, as much as I understand till today, there is no Lindsey Graham bill,” Sitharaman said when asked whether India’s procurement of Russian oil had emerged as a problem area during negotiations with European partners, as reported by Hindustan Times.
The Lindsey Graham Bill, passed by the US Congress recently, allows the country to impose up to 100% tariffs on countries, including India, for importing Russian oil.
Union minister of commerce and industry Piyush Goyal had posted on X on Thursday about his meeting with US Trade Representative Jamieson Greer.
“Had a productive discussion with USTR Greer towards early conclusion of a mutually beneficial interim agreement under the India-US Bilateral Trade Agreement. We also exchanged views on G20 deliberations under US Chairship,” the minister said.
India and the US are engaged in talks to finalise the proposed interim bilateral trade agreement (BTA).
Although the two had reached a framework for an interim deal in February, an agreement could not be signed after the US Supreme Court invalidated the legal basis for the preferential tariff mechanism Washington had offered.
In a post on September 30, Prime Minister Narendra Modi had informed that he had a “productive conversation” with US president Donald Trump, during which the two leaders reviewed bilateral cooperation in trade, defence, energy, critical technologies and other areas.
“Had a productive conversation with President Trump. We reviewed our bilateral cooperation in trade, defence, energy, critical technologies and other areas. We agreed to maintain close engagement to take our Comprehensive Global Strategic Partnership forward,” the Prime Minister posted.
He stated that they also exchanged views on regional and international issues, including ongoing efforts to advance global peace and security.
“We also exchanged views on regional and international issues, including ongoing efforts to advance global peace and security,” he added.
