Union Minister Piyush Goyal on Saturday spoke about the possible trade deal between India and US and asserted that negotiations are in 'extremely positive approach'. This comes a week after official sources had said that India and the US have almost completed' negotiations for first phase of the ambitious deal and it will be formalised soon.
Furthermore, US President Donald Trump in his maiden visit to India on February 24 had said that he is "saving the big deal" with India for later and he "does not know" if it will be done before the presidential election in November.
Speaking about the same, the Union minister stated that trade negotiations are very complex and added that both the nations will ensure that their people are benefitted.
#WATCH Union Min Piyush Goyal on prospects of India-US trade deal: ...Negotiation is successful only when it's win-win on both sides. But we've to ensure that win-win is something, our people can benefit with...I assure you negotiations are in extremely positive approach...(07.3) pic.twitter.com/G3CZIUuEdx— ANI (@ANI) March 7, 2020
Soon after US President Donald Trump's India visit, the US-India Strategic and Partnership Forum (USISPF) in a report said the latest quarterly data depict the continuation of overall positive bilateral trade trends. The third-quarter data reflects some downslide in growth rates.
"It may be due to several reasons, including the unexpected economic slowdown in India's economic growth, the impact of US-China trade war, GSP withdrawal from the US side and retaliatory tariffs on specific US goods from the Indian side," USISPF said.
According to the report, the data available for the first three quarters of 2019 (January-September) pulled the overall growth rate in cumulative bilateral trade down to 4.5 percent from 8.4 percent registered for the first two quarters.