India and the US are negotiating a deal to iron out differences on trade issues to boost economic ties. Commerce and Industry minister Piyush Goyal also claimed that the deal is near ready.
India and the US may sign a trade deal only after the US Presidential elections in November, Commerce and Industry minister Piyush Goyal hinted on September 1.
India and the US are negotiating a deal to iron out differences on trade issues to boost economic ties. Goyal also claimed that the deal is near-ready.
According to Livemint, the minister revealed the details at a webinar organized by US India Strategic Partnership Forum. “I just had a conversation with ambassador (Robert) Lighthizer. We both agreed that we can look at doing it before the election also, but otherwise soon after the election. The entire package is near ready and can be finalized at any time that the local political situation in the US permits them to. I am open to signing it up tomorrow what we have agreed upon and I have left it to Bob (Lighthizer) to take a final call," Goyal said.
Goyal also explained how the architecture of the initial deal will benefit both the US and India, and will deepen the strategic partnership.
He said, "With this immediate trade deal also, because it will open the doors to starting a dialogue on a larger bilateral engagement where we have much more elbow room since it is not on an MFN (most favoured nation) basis, and we do hope we can quickly move to the next phase of a larger engagement for a free-trade agreement," he added.
Earlier, on August 31, Deputy Secretary of State Stephen Biegun said there is a chance of the mini trade deal to be finalised between the US and India even before the November 3 presidential elections. Biegun was responding to a question on the prospect of a mini trade deal before the US presidential election in November, reported news agency PTI.
"Do you think we’ve got a chance at a mini trade deal before the election?" former US Ambassador to India Richard Verma asked. "I think there's a chance. It's going to take a little more energy," Biegun said. "The time is short before the US elections and a lot of governments around the world are hedging a little bit. I wouldn't be surprised if the Indian government as well,” the American diplomat said.
(With inputs from PTI)