New Delhi: India and the US have started talks on a proposed trade deal to resolve issues raised by the hefty tariffs. The US team is being led by Assistant US Trade Representative for South and Central Asia, Brandon Lynch, while Special Secretary in the Commerce Department, Rajesh Agarwal, is India's chief negotiator.
Lynch arrived in India late Monday night for a day of talks with his Indian counterpart. This is the first visit by a high-ranking US trade official since the US imposed a 25 per cent tax and an additional 25 per cent penalty on Indian goods entering the US market due to purchases of Russian crude oil.
"Trade talks have begun," an official said. India has called the hefty 50 per cent tariff unfair and unjustified.
In February, leaders of the two countries directed officials to negotiate a proposed bilateral trade deal. The first tranche of the deal was planned to be completed by the fall of 2025. So far, five rounds of talks have taken place and the sixth round of talks, which was scheduled to be held from August 25-29, was postponed after the imposition of heavy import duties.
A senior Commerce Ministry official said that the meeting between Lynch and Indian officials should not be seen as the sixth round of talks, but rather as the beginning of it.