India will turn to his future trade relationship with the United States with a “very open mind,” said trade minister Piyush Goyal Friday, just days before further US tariffs will take effect on imports from the country.
Trade negotiations in India-USA collapsed over India, the world’s fifth largest economy, and opposed to open its huge agricultural and dairy sectors. Bilateral trade between the two countries is worth over $ 190 billion.
Indian exports face US duties of up to 50% – among the highest imposed by Washington – after President Donald Trump announced extra tariffs as a penalty for New Delhi’s increased purchase of Russian oil.
Currently, a 25% duty on the import of Indian goods to the United States has come into force, while the remaining 25% are set to be enforced from August 27.
Goyal, who speaks at a financial time forum in New Delhi, said that India addresses the issue of trade with the United States with a “very open mind, a positive sight and the confidence that the India-US relationship is very consequence and very important to both countries.”
A scheduled visit from the US trade dealers to New Delhi from 25 to 29 August has been disconnected, which stabs hope for relief from the higher US tariffs on Indian goods.
Indian Prime Minister Narendra Modi has promised not to compromise on the interests of the country’s farmers and take cautious steps to facilitate relationship with China with his first visit of seven years.
Goyal said the heating of connections with China should not be linked to the trade negotiations in India-USA.
