In ‘regular contact’ with US on trade deal, says Commerce Secretary Rajesh Agarwal

New Delhi: India is in ‘regular contact’ with the US for negotiating the proposed bilateral trade agreement (BTA), Commerce Secretary Rajesh Agarwal said on Thursday. He said that both sides are committed to the framework deal that was agreed upon in February.

In February, both sides finalised contours for the first phase of the BTA. However, changes in the tariff landscape in the US have led to further negotiations on the agreement between the two countries.

At present, the US has imposed an additional 10 per cent duty on Indian goods under a Section 301 probe on alleged forced labour concerns. “We are engaged with the US side on the trade deal and our contacts are regular,” Agarwal told reporters here.

On the issue of the USA’s Russian oil tariff bill, the secretary declined to comment, saying it is a legislative process of the US, which is underway and is their internal process. Earlier this month, the US Senate voted overwhelmingly to approve a bill to punish Russia and key buyers of its petroleum products, such as China and India, claiming that such trade helps fuel the Ukraine war.

This bill will allow US President Donald Trump to impose 100 per cent tariffs on goods from countries that are the top five importers of Russian oil and gas. He said that a key outcome of a trade deal is that it brings in more stability and predictability in the trade relationship so that businesses can work along.

The commerce ministry said that India continues to actively engage with US authorities to resolve outstanding trade issues while working toward the early conclusion of the India-US BTA. On the bill, a source said that it is a matter of concern, but India is closely following developments and remains in touch with the US side at various levels and talks with them as reassuring.