India and US have me "significant progress" on a number of tre-related issues, and both countries are "optimistic" of reaching a kind of tre agreement in near future. US President Donald Trump said his country will soon have a tre deal with India. "I think very soon. We are doing very well. (US Tre Representative) Robert Lighthizer who is right here negotiating with India... I think, very soon we will have a tre deal," Trump told reporters when asked if re is any tre deal is expected between India and US.

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India-US Tre Deal

Donald Trump assured of a larger tre deal between India and United States. 

"We will have a larger deal down ro ... but we will have a tre deal," Trump ded.

However, timeline was given by eir side regarding finalisation of deal. Prime Minister Narendra Modi met Trump on sidelines of UN General Assembly session and discussed with him bilateral ties. two countries are negotiating a tre pack to iron out bilateral tre issues and promote two-way commerce. US has been pressuring India to lower duties on its products and dress tre deficit. Speaking at press conference, Modi said:

"As far as tre is concerned, I am very happy that in Houston, in my presence re was an agreement signed by Indian company Petronet for USD 2.5 billion, which is amount of investment Indian company is going to do in energy sector and this will mean that in years to come, this will result in tre of an amount of USD 60 billion and create 50,000 jobs which I think is a big initiative taken by India."

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Petronet deal, largest by an Indian company in US LNG, came after Modi h a meeting with CEOs of top US-based oil companies on Saturday last week. dressing media after meeting of two leers, Foreign Secretary Vijay Gokhale said that re was discussion on timeline, but "we are optimistic that we will be able to conclude an understanding or an agreement fairly soon". Gokhale rejected claims that a tre deal between US and India has derailed, saying such an assumption is completely off track. He said it would a completely wrong interpretation to say this as significant progress has been me at tre deal front.

"se are issues which are complex. se issues involved industries of both sides. It involves jobs on both sides," he told reporters.

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secretary said that reconciling 'gives and takes' in a deal require certain amount of discussions and balance. "We have me significant progress in that regard, and we are quite confident that we will make furr progress in future," he ded. USTR and India's Commerce and Industry Minister Piyush Goyal, who rushed to New York from Dubai, have expressed satisfaction on ir discussions.

"I would certainly think that discussions that have taken place in New York over last two weeks are precisely opposite (of term tre deal derailed)," Gokhale said.

When asked about details, secretary said India is expecting it to be a "fair and reasonable" deal and "we have laid out our requirements in that regard, so is US side". It is w a matter of negotiations between two sides on individual issues, he said, ding that at same time, "we also dress US side concerns regarding what y considered to be a tre deficit". India and US have me significant progress in terms of growing tre in last three-four years and reducing tre deficit. "Both leers ( Indian Prime Minister and US President) reviewed discussions that are ongoing," he said ding "we have narrowed areas of difference".

" two leers, refore, felt that y were optimistic in terms of us reaching some kind of a tre agreement in near future and discussions will continue in this regard," he said.

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re are expectations of anuncement of a tre deal or pack during Prime Minister's visit here. India is demanding exemption from high duties imposed by US on certain steel and aluminium products, resumption of export benefits to certain domestic products under ir Generalised System of Preferences (GSP), greater market access for its products from sectors, including agriculture, automobile, auto components and engineering.

tre deficit between India and US

On or hand US wants greater market access for its farm and manufacturing products, dairy items and medical devices, and cut on import duties on some ICT products. US has also raised concerns over high tre deficit with India. In 2018-19, India's exports to US stood at USD 52.4 billion, while imports were USD 35.5 billion. Tre deficit dipped from USD  21.3 billion in 2017-18 to USD 16.9 billion in 2018-19. India received FDI worth USD 3.13 billion from US in 2018-19, higher than  USD 2 billion in 2017-18. 

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