India, US look for quick trade deal as negotiations resume

Both sides have agreed to move the negotiation process from where it had stalled earlier

- Dhirendra Kumar

India and the US agreed to intensify efforts to quickly reach a mutuallybeneficial trade deal, two people aware of the development said, as the two nations acknowledged the enduring importance of trade ties between them.

In daylong discussions on Tuesday between the American trade team led by chief negotiator Brendan Lynch and Indian officials headed by Rajesh Agarwal, special secretary in the department of commerce, both sides agreed to move the negotiation process from where it had stalled, with the objective of quickly reaching a bilateral trade agreement (BTA).

US president Donald Trump's decision to impose a punitive 25% duty on Indian exports for buying Russian oil, over and above the reciprocal tariff of 25%, strained ties between the two countries, stalling trade pact negotiations.

The cumulative 50% tariff, effective 27 August, has dealt a heavy blow to labour-intensive sectors such as textiles, engineering goods, gems and jewellery, and agricultural products, prompting India to push harder for duty concessions in the proposed deal.