India, US review next steps in trade pact talks

New Delhi: Commerce and industry minister Piyush Goyal and US Trade Representative Jamieson Greer on Friday discussed next steps in negotiations for a proposed bilateral trade agreement on the sidelines of the 14th ministerial conference of the World Trade Organization in Yaounde, Cameroon.

Goyal also met his Chinese counterpart Wang Wentao.This was their first in-person meeting since the US Supreme Court on February 20 struck down reciprocal tariffs imposed under the International Emergency Economic Powers Act (IEEPA).

The US subsequently imposed a 10% tariff on all countries for 150 days from February 24.

“Had a very productive discussion with @USTradeRep Jamieson Greer on the sidelines of the WTO Ministerial Conference. Exchanged views on the #WTOMC14 agenda, next steps in the India-US BTA negotiations and explored ways to further deepen our economic cooperation and bilateral trade ties,” Goyal said on X.

The two sides had announced a trade deal on February 2, with a target to sign it by March. In a joint statement on February 7, the US withdrew a 25% penal tariff on India for buying Russian oil, with the remaining 25% tariffs to be reduced to 18%.Goyal discussed bilateral trade issues with his Chinese counterpart. “Met Mr. Wang Wentao, Minister of Commerce of China, on the sidelines of the #WTOMC14. Exchanged views on the MC-14 agenda and discussed bilateral trade matters,” Goyal said in a social media post.The meeting comes as India’s trade deficit with China crossed $100 billion during the first 11 months of the current fiscal year.