NEW DELHI: India will address its future trade relationship with the United States with a “very open mind”, Trade Minister Piyush Goyal said on Friday, just days before heavy extra U.S. tariffs are due to hit imports from the country.
India-U.S. trade talks collapsed over India - the world’s fifth-largest economy - resisting opening its vast agricultural and dairy sectors. Bilateral trade between the two countries is worth over $190 billion.
Indian exports face U.S. duties of up to 50% - among the highest imposed by Washington - after President Donald Trump announced extra tariffs as a punishment for New Delhi’s increased purchases of Russian oil.
Currently, a 25% tariff on the import of Indian goods into the U.S. has come into effect, while the remaining 25% is set to be enforced from August 27.
Goyal, speaking at an Economic Times forum in New Delhi, said India is addressing the issue of trade with U.S. with a “very open mind, a positive outlook and the confidence that India-US relationship is very consequential and very important to both the countries.”
US cancels India trade talks scheduled for August, NDTV Profit says
A planned visit by U.S. trade negotiators to New Delhi from August 25-29 has been called off, dashing hopes for relief from the higher U.S. tariffs on Indian goods.
Indian Prime Minister Narendra Modi has vowed not to compromise the interests of the country’s farmers and is taking cautious steps to ease the relationship with China with his first visit in seven years.
Goyal said that warming of relations with China should not be linked with the India-U.S. trade talks.
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