India, US hold virtual trade talks, deal to be locked before year end: Commerce Secretary

India and the United States are holding virtual trade talks at a regular basis, Rajesh Agarwal, Commerce Secretary, said on Friday, adding that the country expects to lock the deal with the US before year's end as most issues are already resolved.

There have been a lot of changes in the global trade landscape since talks began for the Bilateral Trade Agreement (BTA), Agrawal said. "Any remaining issue over the India-US trade deal could be addressed at the political level," he added.

India is hopeful of finding a solution within the current calendar year since there is not much left to negotiate, he said while speaking at the FICCI’s 98th AGM and annual convention in Delhi.
 

Dual negotiations with US

Agarwal said that India is negotiating two parellel deals with the US - one for a trade deal, and other one for addressing reciprocal tariffs imposed by US President Donald Trump. The pact regarding tariff-related issues will cover both the 25 per cent reciprocal tariffs and the 25 per cent oil tariffs imposed on India.
 

"Engaged in discussions over protracted trade deal framework to address reciprocal tariff issues with US," he added.
 

Our assumption is trade deal will be beneficial for Indian exports when higher US tariffs are removed," Agrawal said as India expects some official visits from the US in near future.
"BTA with the US will take some time with changed dynamics of reciprocal tariffs, which are beyond tariffs under MFN (most favoured nation) status," he said. "India-US relations have gone from strength to strength in the last two decades."
 

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