New Delhi: India and the United States have reached a difficult stage in negotiations for a proposed bilateral trade agreement, with Finance Minister Nirmala Sitharaman indicating that further concessions from either side may be challenging.
Sitharaman said the negotiations remain active and are being pursued intensively, but both countries appear to have reached a point where additional give and take could prove difficult. She added that if there is still room for compromise, both sides would be willing to explore it.
The Finance Minister also highlighted the existing trade imbalance between India and the US, noting that the balance of trade currently favours India. Washington is expected to seek measures to reduce the gap and address what it views as accumulated losses over the years.
India-EU Talks Face Different Dynamics
Sitharaman also addressed concerns over India’s purchase of Russian oil and its possible impact on trade negotiations with European partners. She pointed out that Europe does not currently have legislation comparable to the proposed measures in the United States that could directly affect India’s trade position.
Meanwhile, Commerce and Industry Minister Piyush Goyal has continued discussions with US Trade Representative Jamieson Greer. The two sides recently discussed efforts to conclude an interim agreement that would be mutually beneficial.
India-US Deal Remains Under Negotiation
India and the US are working towards an interim bilateral trade agreement as part of broader negotiations. The two countries had earlier reached a framework for an interim arrangement, but its implementation was delayed after the US Supreme Court struck down the legal basis for Washington’s preferential tariff mechanism.
The trade negotiations are taking place alongside broader efforts to strengthen India-US relations.
Prime Minister Narendra Modi and US President Donald Trump have also reviewed bilateral cooperation covering trade, defence, energy and critical technologies. The two leaders have agreed to maintain close engagement while also discussing regional and international developments, including efforts to promote global peace and security.
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