New Delhi | The commerce ministry on Friday said India and the US remain engaged in discussions for a mutually beneficial bilateral trade agreement.

The ministry has denied reports about a hold off on bilateral engagement.

"We have noted a media report regarding ongoing trade talks with US. It is denied that there is any hold off in bilateral engagement. It is reiterated that the two sides remain engaged for a mutually beneficial trade agreement," the commerce ministry said in a statement.

The remarks assume significance as the United States Trade Representative (USTR) on March 11 launched a fresh round of Section 301 trade investigations targeting policies and industrial practices of 16 economies, including India and China.

Following a decision of the US Supreme Court striking down sweeping tariffs of the US administration, President Donald Trump has announced 10 per cent tariffs on all countries for 150 days from February 24.