India-US trade deal likely in coming months: Sergio Gor

US Ambassador Sergio Gor on Thursday expressed immense confidence regarding the finalisation of a landmark bilateral trade deal between Washington and New Delhi in the "coming weeks and months". 

Speaking at the Annual Leadership Summit of the American Chamber of Commerce (AMCHAM) here, Ambassador Gor said, "President Trump's goal is to facilitate bilateral trade in a way that creates lucrative opportunities for American businesses and workers."

He said the current interim trade agreement was on the table to be finalised, unlocking prosperity for both nations.

Highlighting the recent acceleration in trade talks, the Ambassador said, "Last month, an Indian delegation visited Washington, D.C. to help finalise the trade deal. Next month, a US delegation will also focus on the agreement."

He further stated that the US was looking forward to completing the details of a new bilateral trade agreement with India that will expand market access, reduce barriers, and create greater certainty for businesses on both sides.

“This agreement, if done right, will strengthen supply chains, catalyse new investments, and drive sustained inclusive growth, bringing tangible benefits to industries, workers, and economies," Gor explained.

He conceded that a lot of time had been spent in sorting out differences but pointed out that it had taken 19 years for the India-European Union (EU) trade talks to conclude.

"Negotiations have been ongoing for a year and a half, but to put it in perspective, the European Union took almost 19 years. We are confident that in the coming weeks and months, this trade deal will be finalised," Gor said.

Highlighting the growing bilateral economic relations, Gor said Indian companies have committed investments worth more than USD 20 billion in the United States during the annual Select Investment Summit, reflecting the growing economic partnership between the two countries.

“The US Embassy in India ranked first globally in facilitating investment commitments into the United States,” he pointed out.

Gor also highlighted the growing presence of American companies in India’s expanding consumer and industrial sectors.

Meanwhile, Union Commerce and Industry Minister Piyush Goyal said an official US delegation is expected to visit India next month for further bilateral trade talks.

Speaking on the sidelines of the AMCHAM India Annual Leadership Summit, Goyal said discussions are progressing actively following meetings held between Indian and US officials in Washington, D.C., in April.

Picture Courtesy: IANS