Overview

• India’s commerce ministry called the talks “positive” and “forward-looking” and said both sides agreed to intensify efforts for the early conclusion of a mutually beneficial trade agreement.
• The session, led by U.S. negotiator Brendan Lynch and India’s chief negotiator Rajesh Agrawal, was described as a precursor to the next formal round of Bilateral Trade Agreement negotiations.
• The United States’ cumulative 50% tariffs on Indian goods remain in force, combining a 25% reciprocal levy with a 25% penalty tied to India’s purchases of Russian crude.
• Indian exporters report order cancellations and liquidity stress, with official data showing exports to the U.S. fell to $6.86 billion in August from $8.01 billion in July.
• Core sticking points persist, including U.S. demands for greater access to India’s agriculture and dairy markets and pressure over Russian oil, which New Delhi counters with red lines on farm protections and energy sovereignty.