During the meeting, Goyal also emphasised the 'need to address long-pending issues as a confidence-building measure'
The meet comes against the backdrop of merchandise exports hitting a 25-month low in November amid continued geopolitical tensions as well as a decline in petroleum prices
Speaking at an industry event organised by the US-India Business Council (USIBC), Garcetti called India the "highest tariff" major economy in the world
Trump's remarks on India, made just weeks after he pledged to increase tariffs on imports from Mexico, Canada, and China
Trade data released on Monday showed that India's trade deficit reached a fresh high of $37.8 billion in November, driven by a surge in merchandise imports
Under the Double Tax Avoidance Agreement (DTAA), Switzerland had reduced the withholding tax on Indian entities operating in that country to 5 per cent from 10 per cent earlier
Exports contract 4.85% to $32.1 billion; imports increase by 27% to $69.95 bn
The two countries entered into FTA negotiations 14 years ago, but talks stalled after 10 rounds of discussions, and no formal round of negotiations has been held since February 2015
India-EU FTA was launched in June 2022. Nine rounds of negotiations have already taken place
He called for mutual recognition agreements (MRAs) to facilitate trade
Says it wants to remain protected from foreign competition
Govt to monitor local manufacturing under PLI before imposing any import curbs
India also flagged the difference in the amount of subsidy provided by developing nations such as India, as compared to developed nations
Gross foreign direct investment, which includes equity capital of unincorporated bodies, reinvest earnings and other capital, saw 29 per cent rise at $42.3 billion during April-September
Safeguard duty is a temporary tariff barrier imposed by a country to protect its domestic industry from surge in imports
New Delhi and Canberra discussed several critical areas of the proposed agreement, including trade in goods, services, mobility, agri-tech cooperation, among others
During the first six months of the current financial year, India exported goods worth $2.87 billion to South Korea, while imports stood at $10.62 billion
India and the UK are set to relaunch free trade agreement talks next month under Keir Starmer's Labour Party, facing critical challenges including unresolved issues and shifting political priorities
Tariffs imposed on specific segments of global value chains often have a ripple effect, impacting not only the targeted industries and countries, but also the entire value chain
Govt identifies electronics, pharma, textiles, auto parts, and chemicals as sectors primed to benefit