India and the US have resolved most of their broad trade differences and they must look at a much larger deal like a bilateral agreement, the Union Commerce and Industry Minister,Mr. Piyush Goyal, said on Monday.
Addressing senior members of American industry at a conclave organised by the US-India Strategic Partnership Forum (USISPF), Mr.Goyal expressed optimism about the bilateral relationship that he said 'is at their best ever now. We have almost resolved the broad contours of what we are going to announce. I do not see any great difficulty in closing the gap on the first announcement,' he said.
He, however, refused to give a deadline on the current trade talks taking place between the countries. 'Trade negotiations are complex. You need to have a lot of back and forth, which is going on. We’ve had a little pause because all of us were busy in different areas. But it’s on track and everything is moving smoothly,' he said.
A trade arrangement with the US was expected during the Prime Minister, Mr. Narendra Modi’s six-day visit to that country last month. However, with Mr. Modi by his side, the US President, Mr. Donald Trump, had last month promised a trade deal with India 'very soon', with a larger deal down the line.
Mr. Goyal stressed that India was looking to the US for technology, innovation, skills, and quality education. India, on the other hand, offers an attractive market to US businesses, skilled labour, and technical expertise in areas that can add value to American companies. According to USISPF estimates, the bilateral trade is projected to grow to 238 billion dollars by 2025.