Working with US to ease trade tussle at the earliest, says Suresh Prabhu

NEW DELHI: Commerce and Industry Minister Suresh Prabhu on Saturday said India and the US have exchanged offers and talks are on between the two sides to arrive at a trade deal.

“Negotiations are ongoing. Of course, at this stage they’ve given an offer and we’ve also given a counter-offer, and we’re working on it,” Prabhu said at an event here organised to mark IDFC Bank’s third anniversary.

His statement assumes significance in the wake of the two countries working on a mutually acceptable trade package to resolve their trade differences. US President Donald Trump has on more than one occasion said that India is keen on a “trade deal”.


India and the US have been embroiled in a series of trade spats, including the penal duties imposed by the US on Indian steel and aluminium. India’s retaliatory tariffs on American imports of $235 million are set to kick in next week.

Stating that India exports a lot of services to the US, Prabhu said the two countries have a “unique relationship”. On boosting India’s exports, Prabhu said the depreciating currency gives an opportunity to give a fillip to exports. “We are working on an agriculture export policy...there are WTO issues because we have to deal with public stockholding,” he said.

India has informed the WTO that the proposed national policy would be consistent with global trade rules.