India Minister Says Don't 'Panic' Over Delay In US Trade Deal

(MENAFN- Live Mint) (Bloomberg) -- India's Commerce and Industry Minister Piyush Goyal said negotiations with the US on the trade deal should be allowed to continue and that there was no need to“panic” over the delay.

“We continue to have very good relations with the US, and I'm sure that we'll be able to resolve some of these issues and come to an equitable, fair and balanced agreement,” Goyal said in an interview with news agency ANI.

Formal talks between New Delhi and Washington are on pause at the moment after a US team canceled its trip to India in August. But the two nations are keeping informal communication channels open, indicating they are keen to resolve tensions. Earlier this week, President Donald Trump said that India had offered to cut its tariffs on US goods to zero, without saying when the concession was made.

“There is never a timeline in negotiations,” Goyal added.“You should do it patiently, as you are doing it for the long term.”

In a separate interview on Thursday, he said the relationship between India and the US is“very consequential” and it will sustain through tough periods.

Trump imposed a 50% tariff on India's exports to the US, citing high trade barriers and its purchases of Russian oil as reasons for the penalty. The levies comes despite India being an early mover in trade talks with the Trump administration.

“Time will tell whether it works out well in a short time frame or a longer time frame,” said Goyal.

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