India-US trade deal in final stages, says US envoy Sergio Gor

Negotiations on the proposed IndiaUS trade agreement have entered the final phase with only a handful of issues left to be resolved according to US Ambassador to India Sergio Gor Speaking at the USIndia Strategic Partnership Forum USISPF Leadership Summit in Washington Gor said the agreement is in the last one or two per cent after nearly 18 months of negotiationsHe expressed confidence that the deal would be concluded soon highlighting the intensive engagement between officials from both countries over the past few weeksTrade negotiations nearing completionGor said senior trade officials from India and the United States have stepped up discussions to resolve the remaining issues and finalise the agreementJust last week US Trade Representative Ambassador Jameison Greer visited us in Delhi for two days and we are in hopefully the final steps of this deal Most of this deal is complete Theres a few items that remain from both sides but its in the last one or 2 per cent of that deal he saidAccording to Gor the pace of negotiations has accelerated as both governments work to conclude the first phase of the bilateral trade agreementComplex agreements take time says ambassadorAddressing questions about the duration of the talks Gor said negotiations involving large economies are inherently complex and often take several years to completePeople ask you why is this taken so long Weve been at the trade deal for a year and a half To put it into perspective the European trade deal took 20 years And so no matter what as long as we beat the European deal I think were in good shape he saidHe added that both sides remain committed to finalising an agreement that would benefit businesses and consumers in both countriesBut Im determined to bring this to a close because this is a deal that is beneficial to both sides This is not one side or the other This is a winwin situation where both sides can do incredible things and take this relationship to the next level Gor saidDeal expected to provide stability for businessesThe ambassador said the agreement would bring greater predictability for companies engaged in bilateral trade and investmentIts also a deal that frankly for a lot of individuals in this room bring stability For those of you that trade bilaterally its something thats incredibly useful and helpful he saidGor also pointed to the high level of engagement between officials from both countries in recent weeksAs I mentioned the trade deal were close to getting it done at very active negotiations I mean pretty much the last three weeks weve had travels back and forth Minister Goyal was in New York followed by Ambassador Greer in Delhi right afterwards he saidBilateral trade target set at USD 500 billionHighlighting the growth in economic ties Gor said trade between India and the United States has increased significantly over the past two decadesOver the past two decades our bilateral trade has increased from 20 billion to 220 billion Thats an incredible job and its also something that were gonna take to a much higher level he saidHe referred to the ambitious target announced by US President Donald Trump and Prime Minister Narendra Modi to raise bilateral trade to USD 500 billion over the coming yearsWhat President Trump and Prime Minister Modi announced as a bilateral trade goal of USD 500 billion over the next few years thats an astounding number that is unmatched Gor saidWe are ready to do so much with India India exports more to the United States than anywhere else by far he addedIndiaUS ties remain strong across sectorsRejecting suggestions that the bilateral relationship had weakened Gor said cooperation between India and the United States continues to deepen across multiple sectorsSo to all those pundits that sit online and tweet and say this relationship is in trouble when you look at the facts of where this relationship stands whether its trade whether its defense whether its the people to people ties the relationship is on strong footing he saidHe added that President Trump places significant importance on ties with India and remains committed to expanding cooperation in trade technology defence and investmentThe proposed bilateral trade agreement is aimed at improving market access reducing trade barriers and strengthening economic cooperation between the two countries The negotiations gained renewed momentum after President Trump and Prime Minister Modi agreed on a roadmap to increase bilateral trade to USD 500 billionThe trade talks are a key part of the broader IndiaUS strategic partnership which has expanded significantly in recent years to include defence cooperation critical and emerging technologies energy semiconductors and resilient supply chains Both governments have consistently described the partnership as one of the most significant bilateral relationships of the 21st centuryWith inputs from IANS