Union finance minister Nirmala Sitharaman stated on Monday that negotiations for the India-US trade agreement are underway, noting that talks between both nations have reached a plateau, beyond which, she said, "giving or taking might be very, very difficult."

Speaking at the Munich Leaders Meeting, Sitharaman said, "The agreement negotiations are still ongoing." (PTI)

Speaking at the Munich Leaders Meeting, Sitharaman said, "The agreement negotiations are still ongoing, although we'd like to believe that both the sides have reached a plateau beyond which giving or taking might be very, very difficult. But maybe if there are rooms to operate from, both sides would do it."

"But what is the predominant feature of the trade relations between India and the US? The trade balance is very much in our favor," Sitharaman said.

She added that the US would naturally want to reduce the imbalance, with Washington seeking to address what it sees as losses accumulated over the years.

"In Europe, as much as I understand till today, there is no Lindsey Graham bill," Sitharaman said when asked whether India’s procurement of Russian oil had emerged as a problem area during negotiations with European partners.

Also Read | PM Modi, Trump review bilateral ties; discuss global peace, trade, defence

"Met USTR Jamieson Greer, @USTradeRep, on the sidelines of the G20 Trade Ministers' Meeting in Milwaukee," the post read.

"Had a productive discussion with USTR Greer towards early conclusion of a mutually beneficial interim agreement under the India-US Bilateral Trade Agreement. We also exchanged views on G20 deliberations under US Chairship," the minister added.

Also Read | US-India trade deal 'not imminent': US trade representative after G20 meet

Although the two had reached a framework for an interim deal in February, an agreement could not be signed after the US Supreme Court invalidated the legal basis for the preferential tariff mechanism Washington had offered, as HT reported earlier.

"Had a productive conversation with President Trump. We reviewed our bilateral cooperation in trade, defence, energy, critical technologies and other areas. We agreed to maintain close engagement to take our Comprehensive Global Strategic Partnership forward," the prime minister posted.

PM Modi stated that they also exchanged views on regional and international issues, including ongoing efforts to advance global peace and security.

"We also exchanged views on regional and international issues, including ongoing efforts to advance global peace and security," he added.

(with inputs from agencies)