New Delhi–Negotiations on a mutually beneficial trade agreement between India and the United States are progressing in the right direction, Commerce Secretary Rajesh Agrawal said Monday.
“We don’t see any challenge in negotiations, and consultations are progressing in the right direction,” Agrawal said at a press conference.
“Both sides remain positive. The India-US framework trade deal is ready for signing at an appropriate time. Trade ties between the two nations continue to strengthen, including energy imports from the US,” he added.
Commerce and Industry Minister Piyush Goyal said earlier this month that talks on the India-U.S. bilateral trade agreement had entered the final stage, with most major issues resolved.
“We don’t see any difficulties with the US,” Goyal said, adding that “concessions and other elements have largely been finalised.”
He said India has consistently sought preferential access to the U.S. market compared with competing countries and that the position has been understood by the U.S. administration.
Despite higher tariffs, India’s exports to the United States have remained resilient. Goyal projected that the country’s merchandise exports in the April-June quarter would increase about 15 percent from a year earlier.
The United States recorded a $4.1 billion goods trade deficit with India in May, according to official data. The trade gap remained significantly smaller than U.S. deficits with several other major Asian manufacturing hubs. (Source: IANS)
