This was their first in-person meeting since the US Supreme Court on February 20 struck down reciprocal tariffs imposed under the International Emergency Economic Powers Act (IEEPA).
The US subsequently imposed a 10% tariff on all countries for 150 days from February 24.
“Had a very productive discussion with @USTradeRep Jamieson Greer on the sidelines of the WTO Ministerial Conference. Exchanged views on the #WTOMC14 agenda, next steps in the India-US BTA negotiations and explored ways to further deepen our economic cooperation and bilateral trade ties,” Goyal said on X.
The two sides had announced a trade deal on February 2, with a target to sign it by March. In a joint statement on February 7, the US withdrew a 25% penal tariff on India for buying Russian oil, with the remaining 25% tariffs to be reduced to 18%.
Goyal discussed bilateral trade issues with his Chinese counterpart. “Met Mr. Wang Wentao, Minister of Commerce of China, on the sidelines of the #WTOMC14. Exchanged views on the MC-14 agenda and discussed bilateral trade matters,” Goyal said in a social media post.The meeting comes as India’s trade deficit with China crossed $100 billion during the first 11 months of the current fiscal year.