Little room for ‘giving and taking’: India’s finance minister confirms trade impasse with the U.S.
India's Finance Minister Nirmala Sitharaman has stated that trade negotiations with the U.S. have reached a plateau, signaling difficulty in reaching a final agreement. The impasse stems from disagreements over trade imbalances and the U.S. desire for India to increase its purchase of American goods.
Why it matters
The stalled trade talks between the world's two largest democracies could impact global supply chains and bilateral economic relations between Washington and New Delhi.
India's Finance Minister Nirmala Sitharaman said trade talks with the U.S. had reached a plateau, adding to growing skepticism around a deal between New Delhi and Washington.
"Negotiations are still ongoing, although we'd like to believe that both sides have reached a plateau beyond which giving or taking might be very very difficult," Sitharaman said, speaking to the press at the Munich Leaders Meeting in New Delhi on Monday.
The finance minister's comments come just after U.S. Trade Representative Jamieson Greer last week said a trade agreement was not 'imminent' even as the negotiations were ongoing.
Sitharaman's comments mark the first time India has acknowledged the challenges it faces in closing the trade deal with the U.S.
She said the U.S. wants to "reduce" its trade imbalance with India, and they want to make up "for all that they've lost over these years."
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