India, US remain engaged for mutually beneficial trade pact: Commerce ministry denies no hold-off in talks

The two countries earlier in February finalised the framework for the first phase of the bilateral trade agreement.

The Union commerce ministry has said that both India and the United States are engaged in talks to reach a mutually beneficial bilateral trade agreement, denying any hold off on the talks.

"We have noted a media report regarding ongoing trade talks with US. It is denied that there is any hold off in bilateral engagement. It is reiterated that the two sides remain engaged for a mutually beneficial trade agreement," the ministry said in a statement.

This comes even as the US earlier this week initiated Section 301 ​unfair trade practices probes of 60 economies ​in relation ⁠to what it called failures to take action ⁠on ‌forced labor. This also included India and China.

The two countries have finalised the framework for the first phase of the bilateral trade agreement. Under the deal, the US had announced to reduce reciprocal tariffs on India to 18 per cent.

However, following the US Supreme Court striking down the tariffs, Trump imposed 10 per cent tariffs on all countries from February 24 for 150 days.

Commerce minister Piyush Goyal last week said India has secured the best trade deal with the US compared to its competing nations, noting that the two countries share a "very powerful" relationship.