- Sitharaman said talks have reached a 'plateau'; further give and take will be very difficult.
- February's initial understanding would see US tariffs cut to 18% and India cut duties on industrial and agricultural products.
- Negotiations are complicated by Washington's probe into unfair trade practices against multiple countries, including India.
- US Trade Representative said an announcement is not imminent, and both sides have identified the universe of sticking points.
- Modi and Trump spoke about cooperation on trade, defense, energy critical technologies and other areas, the prime minister's office said.
Trade deal talks between India and the United States have reached a ‘plateau’, New Delhi’s finance minister Nirmala Sitharaman said Monday, after negotiations dragged on for months with the sides struggling to resolve sticking points.
The two nations announced an initial understanding in February that would see Washington reduce tariffs to 18 per cent and India cut duties on a range of industrial and agricultural products.
Several rounds of talks have since taken place but have been complicated by Washington launching a probe into unfair trade practices against multiple countries, including India.
‘The agreement’s negotiations are still ongoing, although we’d like to believe that both the sides have reached a plateau, beyond which giving or taking might be very, very difficult,’ Sitharaman said.
But Sitharaman, responding to a question on concessions, at the Munich Security Conference in New Delhi, added that there are ‘rooms to operate from, both sides would do it’.
The remarks echoed sentiment expressed by US Trade Representative Jamieson Greer last week, who said he didn’t believe an announcement was ‘imminent’, but that both sides had identified the ‘universe of items that are sticking points’.
Indian prime minister Narendra Modi spoke to US president Donald Trump last week in a telephone call discussing ‘cooperation in trade, defence, energy critical technologies and other areas’, according to a statement from the premier’s office.
