There is a chance of a ‘mini trade deal’ between India and the United States before the November 3 US presidential election, according to US deputy secretary of state Stephen Biegun, who recently told the third India-US Leadership Summit organised virtually that both sides are negotiating a deal to iron out differences on trade issues to boost economic ties.
"The time is short before the US elections and a lot of governments around the world are hedging a little bit. I wouldn't be surprised if the Indian government as well," the US official said responding to a question.There is a chance of a 'mini trade deal' between India and the United States before the November 3 US presidential election, according to US deputy secretary of state Stephen Biegun, who recently told the third India-US Leadership Summit organised virtually that both sides are negotiating a deal to iron out differences on trade issues to boost economic ties.#
The chance exists as Prime Minister Narendra Modi and President Donald Trump have a strong personal bond and a strong commitment to finalise a trade deal, he said.
The summit was organised by the US India Strategic and Partnership Forum (USISPF).
According to the Indian commerce ministry data, in 2019-20, the bilateral trade between the two sides stood at $88.75 billion, as against $87.96 billion in 2018-19.
The US is one of the few countries with which India has a trade surplus. The trade gap between the countries has increased to $17.42 billion in 2019-20 from $16.86 billion in 2018-19, the data showed. In 2018-19, the United States had surpassed China to become India's top trading partner.
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