Prime Minister Narendra Modi and US President Donald Trump. (file photo)
Prime Minister Narendra Modi and US President Donald Trump. (file photo)

India-US trade deal not stuck, talks to continue: Sources

ANI | Updated: Feb 19, 2020 23:41 IST

New Delhi [India], Feb 19 (ANI): India will not rush for a trade deal with the United States as it wants a win-win situation for both the countries, said government sources.
"We have been engaging for some time now on trade over one year, our commerce minister and his counterpart has said that they will continue to engage. We will not rush to deal, we rather look to the future and have win-win not in a hurry to rush," said government source.
"Wide-ranging discussion on a trade deal will continue, the deal is not stuck, we are looking for free trade agreement in future, which is more effective," source added.
India-US trade is much more balanced as the latter has become the sixth-largest exporter of crude oil. Also, because India has a large number of students studying in the US.
During Trump's visit which begins on 24th this month, India would also be seeking restoration of the Generalised System of Preferences (GSP).
There is an indication that there will be no big-ticket announcement during the visit, Govt sources said.
"Prime Minister Modi and President Trump has met five times in the last eight months, our relation is not based on big-ticket, every visit cannot have a big-ticket," sources added.
Sources further say that India US have extensive cooperation in Defence trade, joint research and development, there are projects worth 18 billion which are ongoing and are work in progress, some of them are expected to conclude soon and some likely during Trump visit.
Speaking on comments made by Donald Trump that India is treated unfairly, govt sources said the US may see India as a high tariff country but it is important to be seen in this context, what is imp it is seen in context 'We are a developing country we have more requirements in comparison to other partners of US.
Earlier, a senior official had told ANI that the two countries are likely to finalise not a complete but a "part" of a bilateral trade deal during Trump's visit.
The two countries are separately working on a limited trade agreement ahead of the trip, after earlier imposing tit-for-tat tariffs on each other's imports. While there have been reports that a possible trade deal appears unlikely, the official conveyed, "the leaders are likely to discuss and possibly finalize not a complete but maybe a 'part' of a bilateral trade deal during the visit."
Tensions on the trade front between the two countries had emerged in June, last year, after Trump revoked preferential trade privileges, in response to which India imposed tariffs on 28 US products, including almonds and apples.
Despite several meetings held over the past 18 months in Washington DC, New Delhi, and New York, trade negotiators of the two countries are yet to finalise on a deal.
Trump will arrive in India on his maiden visit, accompanied by First Lady Melania Trump, Senior Advisor to the President of the United States Jared Kushner or daughter Ivanka Trump, along with United States Secretary of Commerce Wilbur Ross and Secretary of Energy Dan Brouille (ANI)