India, United States work on ‘early conclusion’ of trade pact

Washington: India and the United States on Monday said that they both wanted an “early conclusion” of a bilateral trade agreement.

The two countries have accelerated talks on the agreement in the run-up to and following US President Donald Trump’s announcement of a reciprocal tariff of 26 per cent on goods from India, along with a broader levy of varying degrees that covers nearly all of America’s trading partner countries.

“Exchanged perspectives on the Indo-Pacific, the Indian Subcontinent, Europe, Middle East/West Asia and the Caribbean,” External Affairs Minister (EAM) S. Jaishankar wrote in a post on X after a phone call with his American counterpart, Secretary of State Marco Rubio.

“Agreed on the importance of the early conclusion of the Bilateral Trade Agreement,” he went on to write in the post, adding “look forward to remaining in touch”.

The call appeared to be the first publicly known contact between cabinet officials of the two countries after Trump’s announcement last Wednesday. A US readout of the call is awaited.

India has not announced a retaliatory tariff such as China, which hit back with a 34 per cent levy on American goods last Friday matching the American tariff. Most other trading partner countries of the US have held back from retaliation and indicated readiness to negotiate with the US instead. Vietnam was the first, offering to scale down its tariffs to zero. On Monday, Trump spoke with Japan’s Shigeru Ishiba.  (IANS)

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