Sitharaman: Little Room Left For More Concessions In India-US Trade Talks

India-West News Desk

NEW DELHI – India and the US have reached a “plateau” in negotiations for a bilateral trade agreement, with further “giving or taking” likely to be “very, very difficult,” Finance Minister Nirmala Sitharaman said October 5.

Speaking at the Munich Leaders Meeting in New Delhi, Sitharaman said talks were continuing and that both sides could still move forward if there was room to operate.

She said the trade balance was “very much in our favor,” adding that the US would naturally seek to reduce the imbalance and address what it considers losses accumulated over the years.

Sitharaman also said countries were increasingly using tariffs alongside negotiations to address trade imbalances, while stressing the need for continued “give and take.”

On trade agreements with European countries, she stressed the importance of maintaining strategic autonomy, including in the context of India’s procurement of Russian oil.

She said countries were increasingly choosing bilateral agreements where they saw greater benefit, even as multilateralism had weakened.

She said greater access to the European market could generate more exports and jobs in labor-intensive sectors such as footwear, textiles, toys and processed products, many of which are linked to micro and small enterprises.

The Munich Leaders Meeting in New Delhi brings together about 100 senior decision-makers and experts to discuss geoeconomics, trade and connectivity, maritime security, defense cooperation and other international challenges.