New Delhi: On Tuesday, Piyush Goyal, the Minister of Commerce and Industry, announced that India is currently in discussions to establish a bilateral trade agreement (BTA) with the United States.

He noted that India has already signed free trade agreements with several countries, including Australia, the UAE, Mauritius, the UK, and the EFTA, a group of four European nations.

During an event focused on sustainability, Goyal stated, “A lot is happening, and there’s much more to come... We are engaged in dialogue with the US regarding a BTA.”

Negotiations between India and the US have been ongoing since March, with five rounds of discussions completed to date.

However, following the imposition of a 50% duty on August 27, the US delegation postponed their visit to India for the next round of talks, which was initially set for August 25.

As of now, no new dates have been established for the sixth round of negotiations.

In light of the current tensions between the two nations, US Treasury Secretary Scott Bessent expressed optimism, stating that both countries will ultimately resolve their differences. He emphasized that India’s values align more closely with those of the US and China than with Russia.

Bessent made these comments during an interview with Fox News, following the recent annual summit of the Shanghai Cooperation Organisation (SCO) held in Tianjin, China.

He remarked, “India is the most populous democracy globally, and their values are much more aligned with ours and China’s than with Russia’s.”

Bessent also pointed out that while the US and India will find a resolution, India’s actions regarding Russian oil purchases have raised concerns, particularly in relation to the financing of Russia’s military efforts in Ukraine.

India has defended its decision to purchase Russian crude oil, asserting that its energy strategy is based on national interests and market conditions.

Bessent’s remarks came amid discussions about the India-US relationship, particularly in light of the Trump administration’s tariffs on India due to its Russian oil purchases.

India has labeled these tariffs as unjust and unreasonable.

Regarding the India-EU free trade agreement, Goyal mentioned that negotiations are progressing well.

He stated, “We are making significant strides,” and noted that Commerce Secretary Sunil Barthwal is currently in Brussels for discussions with EU officials.

The 13th round of negotiations between India and the EU is scheduled to commence on September 8.