India Denies Hold-Off In Trade Talks With US, Reiterates Ongoing Engagement

(MENAFN- Live Mint) Ministry of Commerce and Industry has denounced media claims that suggested a hold-off in bilateral trade talks between India and the United States, reiterating that the two sides remain engaged for a“mutually beneficial” trade agreement.

"We have noted a media report regarding ongoing trade talks with the US. It is denied that there is any hold off in bilateral engagement. It is reiterated that the two sides remain engaged for a mutually beneficial trade agreement," the ministry was quoted as saying by ANI.

The clarification comes after Reuters published a news report, suggesting that India will delay the signing of a trade deal with Washington for several months, citing four Indian sources who were aware of the development.

When is the interim deal expected to be signed?

According to the agency report, India had initially expected to sign an interim deal in March, followed by a full deal later in the year. The unnamed sources reportedly told Reuters that timeline of the deal could now slip by several months, although US officials say they expect India to honour its commitments.

Trump announced in February that he and Modi "have agreed to a Trade Deal" between the United States and India, under which Washington will apply a reduced reciprocal tariff of 18% down from 25%. The US leader also signed an executive order in the same month, eliminating the 25% tariff penalty imposed on India in August for purchasing Russian energy.

In return, he asked New Delhi for certain commitments, which include halting the purchase of Russian oil imports, lowering duties on American goods and pledging to buy $500 billion worth of US products.

(More to come)

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