India and the US will restart high level negotiations on a trade pact in the coming days, Commerce Minister Piyush Goyal said on June 25. He will engage with industry captains from both countries in mid-July, and will hold discussions with US Commerce Secretary Wilbur Ross.

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Speaking at an event organised by the Indo-American Chamber of Commerce, Goyal said, “I think Mr Wilbur Ross and I will be meeting with businessmen of both the countries sometime in mid-July and will be holding talks with my US counterpart

Both countries have been negotiating a limited trade pact to enhance market access for over a year now. The trade issues came up for discussion during US President Donald Trump’s visit to India in February this year. New Delhi has been demanding restoration of tariff benefits under the GSP programme for Made In India goods, while the US has been insisting on greater market access on products like medical devices and electronic items.

Goyal’s planned meet with Ross and Lighthizer comes at a time when Washington has launched a Section 301 probe into digital taxes imposed on e-commerce companies by a group of countries including India.

Last week, Lighthizer told a panel of US lawmakers about plans on restoring Wilbur rossGSP benefits to India provided there is a counter offer from New Delhi. “Their

Goyal also indicated that India is working on a strategy to decrease its import dependence on China, even though he didn't name the country in his remarks. "We have to diversify to cut

First Published:Jun 25, 2020 11:34 PM IST