India, US agree to speed up talks on bilateral trade agreement

New Delhi: India and the US, at a high-level official meeting held here on Tuesday amid the thaw in the relations between the two countries, decided to intensify efforts to achieve an early conclusion of a mutually beneficial trade agreement.

A team of officials from the office of the United States Trade Representative, led by Chief Negotiator, India-US Bilateral Trade Agreement negotiations, Brendan Lynch, arrived in India on Tuesday. They held discussions on India-US trade ties, including the India-US Bilateral Trade Agreement, with a team of Indian officials, led by Special Secretary, Commerce, Rajesh Agrawal.

“Acknowledging the enduring importance of bilateral trade between India and the US, the discussions were positive and forward looking covering various aspects of the trade deal. It was decided to intensify efforts to achieve early conclusion of a mutually beneficial Trade Agreement,” a statement issued by the Commerce and Industry Ministry after the meeting.

According to Commerce Ministry sources, trade discussions are going on at several levels, and further course of action will be decided after the trade talks with the US Chief Negotiator, Lynch.

There is a positive frame of mind on both sides while approaching trade issues. The teams are set to discuss all the pending issues related to the trade deal. Certain issues are in the diplomatic realm where the MEA is also engaged.

Lynch’s visit comes as expectations of a trade deal have been boosted by positive messages from US President Donald Trump and Prime Minister Narendra Modi after days of bitter stalemate.

Trump said on a Truth Social post on September 9 that talks were continuing and “I feel certain that there will be no difficulty in coming to a successful conclusion for both of our Great Countries”.

Calling PM Modi a “great friend”, he said he would be talking to him.

PM Modi responded to Trump’s post, saying: “I am confident that our trade negotiations will pave the way for unlocking the limitless potential of the India-US partnership.”

He added that he was looking forward to talking with Trump.

US Ambassador to India nominee Sergio Gor told a Senate panel considering his nomination last week that India’s Commerce Minister Piyush Goyal was expected in Washington, DC, and he would meet US Trade Representative Jamieson Greer.

Meanwhile, India’s merchandise trade deficit narrowed to $26.49 billion in August from $27.35 billion in July.

Despite global and trade policy uncertainties, Indian exporters have done well. It shows that the government’s policy has paid off.

IANS