Commerce Minister Piyush Goyal led a delegation to New York, where India and the US discussed contours of a trade deal and agreed to work towards an early conclusion despite oil-related hurdles
Chief negotiator returns from New York after fresh parleys
India assures US of a bigger role in its energy security, with plans to boost trade in energy and nuclear cooperation, while avoiding mention of Russian oil imports amid tariff tensions
Exporters don't expect much relief; currency may slip to 89.5 vs $ by year-end
According to people aware of the matter, Goyal will meet United States Trade Representative (USTR) Jamieson Greer this week on the sidelines of the United Nations General Assembly
Goyal's visit follows a positive meeting between trade negotiators in New Delhi last week as India and the US step up efforts to resolve tensions and conclude a trade agreement
The EU's key interests include cars, wines and spirits, and agriculture -- areas considered sensitive by India, and are still under negotiation
India and the US held marathon talks in New Delhi to push forward a trade agreement, signalling easing tensions despite tariff disputes and setting the stage for further negotiations
India's exports rose 6.7% in August to $35.1 billion despite higher US tariffs, while imports contracted 10.1% to $61.6 billion, narrowing the trade deficit to $26.3 billion
The development comes even as White House senior trade advisor Peter Navarro reiterates his criticism of India's purchase of Russian oil
The commerce department is identifying 100 products with high import dependence but domestic capacity to promote Make in India, as India-EU FTA talks progress
Exporters and industry bodies sought RBI relief including moratoriums, relaxed NPA norms, and REER settlements to counter the impact of 50 per cent tariffs by the US
Despite China's assurance, Indian automakers are yet to get rare earth supplies, deepening EV and auto component uncertainty
India and the US are stepping up trade negotiations as both leaders express confidence in resolving barriers after earlier setbacks over tariffs and Russian oil imports
An ambitious pact with Moscow's bloc could cut tariffs, boost exports from Armenia to Kyrgyzstan, and ease India's dependence on oil imports
The US is India's largest export destination for seafood, followed by the EU. China, Japan, Vietnam, and Thailand are also major seafood export destinations of India
India and Qatar are likely to finalise the framework for a free trade agreement in early October, with commerce minister Piyush Goyal expected to travel to Doha soon
The outcome of this round of negotiation will be crucial in determining the next steps, as both sides weigh the possibility of a political call to break the deadlock on the unresolved issues
The removal of the value threshold for GST refunds will significantly benefit small and e-commerce exporters by making even low-value shipments eligible for refunds
Commerce Minister Piyush Goyal confirms that industries will pass on the benefits of GST rate reductions to consumers and discusses plans to boost exports amid US tariff challenges