Washington: The White House said that the Trump administration was engaged in “productive talks” with India on a “historic trade deal”, hours after Commerce and Industry Minister Piyush Goyal said the two sides had concluded most of the discussions and were fine-tuning the agreement.
“Representatives of the Trump administration continue to engage in productive talks with Indian officials to secure a historic trade deal that puts Americans and America First,” White House spokesman Matthew Middleton told.
“President Trump and Prime Minister Modi have a close personal relationship, and both leaders remain committed to lifting bilateral ties to new levels,” Middleton said.
Speaking at the India-Netherlands Business Forum in The Hague on Monday, Goyal said: “We have concluded most of the discussions and are fine-tuning the agreement.”
Goyal is in the Netherlands as part of a visit to Germany and the Netherlands with a business delegation. He also said India had concluded nine free trade agreements in the last four and a half years.
India and the US announced the framework for the first phase of a bilateral trade agreement in February. Under the framework announced February 7, the US cut the tariff on Indian goods to 18 per cent from 50 per cent. Subsequent changes in US tariff policy, including after the US Supreme Court ruling on tariffs, led to further negotiations.
Goyal met US Trade Representative Jamieson Greer on the sidelines of the G20 Trade Ministerial in Milwaukee October 1. A team led by Commerce Secretary Rajesh Agrawal held talks with US officials in Washington from October 15 to 17.
Secretary of State Marco Rubio, during his visit to Mumbai October 20, said the two sides were close to an agreement.
“We’re very, very close. I would say we’re about as close as you can be without (inaudible) agreement. I think there’s a small number of items to wrap up, so I think that will happen shortly,” Rubio told reporters.
“Obviously the State Department doesn’t negotiate trade agreements, but we are very much involved in what’s happening,” Rubio said.
The trade negotiations have been closely watched in both countries, with Washington pressing New Delhi to buy more American energy and technology, and Indian exporters seeking relief from US tariffs.
India has said it intends to buy $500 billion worth of US energy products, aircraft and aircraft parts, precious metals, technology products and coking coal over five years.
The US is India’s largest trading partner.
