India-US trade deal negotiations moving in right direction: Commerce Secretary

New Delhi, July 13 (IANS) Commerce Secretary Rajesh Agrawal on Monday said that negotiations for a mutually beneficial trade deal between India and the US are on, and talks are progressing in the right direction.

Addressing a press conference here, the Commerce Secretary said: “We don’t see any challenge in negotiations, and consultations are progressing in the right direction.”

“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.

Earlier this month, Commerce and Industry Minister Piyush Goyal said that the India-US bilateral trade agreement (BTA) talks have entered the final stage, with most key issues having been sorted out and both sides working towards a deal that gives New Delhi an advantage over its competitors.

The minister said he does not foresee any major hurdles in concluding the US trade agreement despite recent legal and policy developments in Washington. “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 market access over competing nations, a position that has been understood by the US administration.

Despite higher tariffs, India’s exports to the US have remained resilient. Goyal said bilateral trade has continued to grow and projected that India’s merchandise exports in the April-June quarter will rise about 15 per cent year-on-year.

Meanwhile, the US recorded a $4.1 billion goods trade deficit with India in May, according to official data, as America’s overall trade deficit widened sharply amid falling exports and rising imports.

Among major trading partners, India was one of the countries with which the United States recorded a goods trade deficit.

The figures also highlighted India’s place in the broader Asian supply chain, with the US trade gap with India remaining significantly smaller than those with several other major manufacturing hubs in the region.

–IANS

na/vd