India-US trade talks reached a ‘plateau’, says Sitharaman: ‘Give or take beyond this very difficult'

Union Finance Minister Nirmala Sitharaman revealed on Monday that India and the United States have reached a "plateau" in their trade negotiations, indicating that further progress could be challenging. Speaking at the Munich Leaders Meeting, Sitharaman stated that both countries have "reached a plateau beyond which giving or taking might be very, very difficult."

She noted that the negotiations are still ongoing, but the trade balance between India and the US is heavily in favor of India. The US is likely to seek to reduce this imbalance, addressing what it perceives as losses accumulated over the years. There is no comparable legislative barrier in Europe to India's trade negotiations with the EU, as Sitharaman clarified when asked about the impact of Russian oil procurement on negotiations with European partners.

In a separate development, Commerce and Industry Minister Piyush Goyal held a productive discussion with US Trade Representative Jamie Shannon Greer during the G20 Trade Ministers Meeting in Milwaukee, sharing views on early conclusion of an interim agreement under the India-US Bilateral Trade Agreement and discussions on G20 deliberations under US Chairmanship.

PM Modi had a "productive conversation" with US President Donald Trump on September 30, reviewing bilateral cooperation in trade, defense, energy, critical technologies, and other areas.