India-US Trade Deal May Finalise By Next Month, US Congressman Tells NDTV

India can become one of the first countries to get into an interim trade agreement with the United States, which could be finalised by next month. Officials in the US President Donald Trump's administration are "optimistic" about the direction of ongoing trade negotiations, with US Secretary of Commerce Howard Lutnick saying New Delhi and Washington have "found a place that really works for both countries." 

Speaking at the US-India Strategic Partnership Forum on Monday, Lutnick said, "I think to be in a very, very good place, and you should expect a deal between the United States and India in the not-too-distant future because I think we found a place that really works for both countries."

The remarks came ahead of the final round of India-US face-to-face negotiations, which are expected to take place in New Delhi this week.

How Soon Is Soon?

Lutnick said India may get more favourable terms from being one of the first pacts agreed.

"Earlier countries get a better deal, that's the way it is. So those who come in July 4th to July 9th, there's just going to be a pile," he said, indicating that  New Delhi is working to come in earlier than that.

The US trade chief added that the partnership between New Delhi and Washington has strong potential, especially given the "rare connection" between US President Donald Trump and Indian Prime Minister Narendra Modi.

Speaking on the sidelines of the event, Republican Congressman Rick McCormick told NDTV, "We are getting there. I think we can get this done within the next month." 

Echoing those sentiments, prominent business leader and former Cisco CEO John Chambers told NDTV that India will likely be the first or one of the very first to "get the agreement in the interim, and then a longer-term trade agreement. Both countries will grow well in this relationship."

What Is India Saying?

Meanwhile, India also said it is working actively to finalise the proposed bilateral agreement aimed at significantly expanding trade and offering preferential market access to each other's businesses. 

Speaking to the media in France on Monday, Commerce and Industry Minister Piyush Goyal said, "Both countries are committed to work together, and both desire to give preferential access to each other's businesses. We are working towards the bilateral trade agreement."

A delegation from Washington is currently in New Delhi to advance discussions on an interim agreement, expected to be finalised by the end of June. 

New Delhi is pushing for a complete exemption from the 26 per cent reciprocal tariff imposed by US President Donald Trump on Indian goods exported to the US.