India-US Trade Talks Stall; Goyal Urges Trust in Local Voice
Overview
Commerce Minister Piyush Goyal advised prioritizing domestic confidence over foreign statements regarding the India-US bilateral trade agreement. Talks remain at a stalemate despite multiple rounds, with India seeking to protect key sectors while Washington's demands are unmet. This follows claims from US commerce secretary Howard Lutnick regarding the deal's negotiation, which India's foreign ministry has disputed.
Trade Talks Hit Stalemate
Commerce and Industry Minister Piyush Goyal has called for greater trust in India's own stance on trade matters, particularly concerning the bilateral trade agreement with the United States. The minister's remarks came amidst ongoing uncertainty surrounding the trade deal, which has seen multiple negotiation rounds yet remains unresolved. Goyal stressed that stakeholders should rely on Indian perspectives rather than external pronouncements.
Foreign Statements Disputed
His comments followed claims made by U.S. commerce secretary Howard Lutnick. Lutnick suggested the trade deal stalled because Prime Minister Narendra Modi did not contact U.S. President Donald Trump. The Ministry of External Affairs swiftly rejected these assertions, labeling them "not accurate" and reaffirming India's commitment to a mutually beneficial agreement.
Sensitive Sectors at Core
India and the U.S. have completed five rounds of talks. New Delhi has put forth a revised proposal, signaling a readiness to open up significantly while implementing safeguards for crucial sectors such as agriculture, dairy, and micro, small, and medium enterprises (MSMEs). However, a significant gap persists as Washington has not accepted India's offer, resulting in a de facto stalemate.
Energy Purchases Under Discussion
Separately, President Trump has periodically highlighted U.S. concerns over Russia's oil imports into India. India has consistently maintained its position that it will formulate policies and make energy purchases aligned with the best interests of its consumers, while simultaneously expressing an openness to increasing energy procurements from the United States.
