The proposed US-India trade agreement is in the “final steps” of negotiations, with only the last one per cent of issues remaining to be resolved, US Ambassador to India Sergio Gor said on Tuesday, expressing confidence that the pact would be concluded soon after nearly 18 months of talks.“We are in the final steps on this deal. Most of this deal is complete. There are a few items that remain on both sides. It’s in the last 1 per cent of that deal,” news agency PTI quoted Gor as saying while addressing the US-India Strategic Partnership Forum Leadership Summit.
‘Determined to bring this to a close’
Responding to questions on the pace of negotiations, Gor said trade agreements often take years to conclude and noted that the proposed India-US pact had progressed relatively quickly.“People ask, Why is this taking so long? We’ve been at this for a year and a half. To put it into perspective, the European trade deal took 20 years. So no matter what, as long as we beat the European deal, I think we’re in good shape. But I’m determined to bring this to a close,” he said.
Trade deal to bring certainty for businesses
Gor said the agreement would provide greater certainty for businesses engaged in bilateral trade.“It’s also a deal that, frankly, for a lot of individuals in this room, brings stability. For those of you that trade bilaterally, it’s something that’s incredibly useful and helpful,” he said.The ambassador added that officials from both countries had maintained an intensive pace of negotiations in recent weeks through multiple high-level engagements.“As I mentioned, the trade deal, we’re close to getting it done through very active negotiations. I mean, pretty much the last three weeks we’ve had travels back and forth. Minister Goyal was in New York… followed by Ambassador Greer in Delhi right afterwards,” he said.
Trade target of $500 billion
Highlighting the expanding economic partnership, Gor said bilateral trade had grown from$20 billion to $220 billion over the past two decades and was set to expand further.“Over the past two decades, our bilateral trade has increased from$20 billion to $220 billion. That’s an incredible job, and it’s also something that we’re gonna take to a much higher level,” he said.Referring to the trade target announced by US President Donald Trump and Prime Minister Narendra Modi, Gor said the two countries were aiming to raise bilateral trade to $500 billion.“What President Trump and Prime Minister Modi announced as a bilateral trade goal of$500 billion over the next few years, that’s an astounding number that is unmatched,” he said.“We are ready to do so much with India. India exports more to the United States than anywhere else by far,” Gor added.
Quad ministers to meet soon
The ambassador also announced that the Quad foreign ministers are scheduled to meet in the Philippines in about two weeks.Speaking about bilateral ties, Gor credited the personal rapport between President Trump and Prime Minister Modi for driving the relationship and said Trump continued to have fond memories of his previous visit to India.“His (Trump’s) visit last time was one of the most remarkable visits that he continues to talk about. He holds it in a very fond place. It’s an incredible thing. So, I look forward to having the President visit us back in India,” he said.