The US team is likely to visit India in June for the next round of negotiations on the proposed interim trade agreement, though the dates are yet to be finalised, commerce secretary Rajesh Agrawal said on Friday.
An Indian delegation had travelled to Washington in April for in-person talks with US officials to work out the details of the interim pact and advance discussions under the broader bilateral trade agreement (BTA).
“The Indian team had visited the US last month and held very good discussions. We expect the US team to visit us soon. The dates are yet to be finalised, but I expect it to happen next month,” Agrawal told reporters.
He said India remains engaged with the US on the trade pact and the agreement would be signed at an appropriate time.
India and the US had issued a joint statement on February 7 outlining the framework for an interim trade agreement. However, the negotiations were affected after the US Supreme Court struck down reciprocal tariffs, which had been a key tool used by the Trump administration in trade negotiations.
Subsequently, the US imposed an additional 10 per cent duty on all imports under Section 122 of the Trade Act for 150 days from February 24. Washington also initiated two Section 301 investigations against major exporters over excess production capacities and labour standards.
Under Section 122, the US can impose tariffs of up to 15 per cent for a maximum of 150 days. Section 301, however, allows the US to levy duties without any upper limit if it determines that the policies of trading partners are harming American interests.
India has submitted its responses to both investigations and consultations between the two countries are ongoing.
Agrawal said India participated in consultations held in the US on Thursday regarding the probes.
“We have joined the consultations which took place yesterday in the US on both these investigations. Once the consultation process is over, it is for the US to determine the next steps under the 301 tariffs,” he said.
With reciprocal tariffs no longer in force and a flat additional tariff now applicable to all exporters to the US, India is seeking provisions in the trade agreement that would provide it preferential market access over competing countries.
India’s exports to the US rose marginally by 0.92 per cent to USD 87.3 billion in the last fiscal year, while imports increased 15.95 per cent to USD 52.9 billion. The trade surplus narrowed to USD 34.4 billion from USD 40.89 billion a year earlier.