Washington, Oct 22:
President Donald Trump has said India and the United States are close to reaching a trade agreement, adding that the proposed pact would be significantly different from previous trade deals concluded by Washington.
Speaking to reporters at the Oval Office on Tuesday, Trump said the two countries were nearing an understanding. Asked about the negotiations, he said India wanted a deal and expressed confidence that an agreement would be reached.
âItâs going to be a much different kind of deal than weâve done,â Trump said, without providing details of the proposed changes or indicating when the agreement might be finalised.
His remarks came as the two countries continued discussions on strengthening bilateral ties across trade, energy, technology, defence and people-to-people exchanges. US Secretary of State Marco Rubio was visiting India and held discussions on expanding cooperation in these areas.
Earlier this month, Union Commerce Minister Piyush Goyal met US Trade Representative Jamieson Greer in Milwaukee and Washington to discuss outstanding issues in the negotiations.
India and the US had announced in February that they had finalised the framework for the first phase of a bilateral trade agreement. However, changes in the US tariff landscape subsequently led to further negotiations on the proposed pact.
The negotiations are taking place against the backdrop of efforts by both governments to expand market access and address trade-related differences. Details of the final agreement, including its provisions on tariffs and market access, remain to be announced.
A deal could provide a framework for expanding commercial engagement between the two economies, but the outcome will depend on the resolution of outstanding issues and the final terms agreed upon by both sides.