India-US trade negotiations ongoing virtually: Sources

India's trade negotiations with the US are ongoing virtually, government officials told Business Today on Wednesday.

On Monday, Commerce and Industry Minister Piyush Goyal said that New Delhi was negotiating free trade agreements (FTAs) with a number of countries, including the US, New Zealand, Oman, Peru, Chile, and the European Union (EU). He said that Qatar and Bahrain were also keen to negotiate trade pacts with India.

"Talks are going on with the US (for a trade agreement). Talks are also underway with the EU, New Zealand, Oman, Peru and Chile," the minister said at UP International Trade Show, Greater Noida.

Last week, Goyal led an official delegation to New York for trade talks. After that meeting, India and the US decided to continue negotiations for an early conclusion of a mutually beneficial bilateral trade agreement.

Both sides held constructive meetings on various aspects of the trade deal. During the visit, the minister held meetings with United States Trade Representative (USTR) Jamieson Greer and US Ambassador-designate to India Sergio Gor.

The US has imposed a 25 per cent reciprocal tariff and an additional 25 per cent penalty on Indian goods entering the American market for purchasing Russian crude oil. At present, a total of 50 per cent additional import duty is imposed on Indian goods.