India and US: Bridging Trade Gaps Amid Diplomatic Tensions

India and the US are negotiating a bilateral trade agreement, with five rounds of talks completed. Trade tensions have arisen due to US tariffs on Indian oil imports. India has defended its position citing national interests. Concurrently, India is also advancing trade talks with the EU, aiming to finalize a comprehensive trade pact by year-end.

Commerce and Industry Minister Piyush Goyal announced ongoing negotiations for a bilateral trade agreement between India and the United States. Amid recent tensions, particularly over oil trade tariffs, both countries aim to resolve differences despite hurdles. Five rounds of talks have been conducted but with no date set for the sixth.

Goyal expressed confidence in India's self-reliance and its ability to navigate global challenges. The broader economic discourse also covers India's active dialogue with the European Union. Progress here is key as they aim to finalize a comprehensive free trade agreement by the year-end, with the 13th negotiation round slated for September.

As discussions with the EU progress, both sides strive to cover a wide array of trade-policy areas. The EU remains a significant trading partner, accounting for substantial portions of India's global exports. Key figures emphasize the mutual economic benefits of solidifying these international trade relations.

(With inputs from agencies.)