US-India big trade deal likely soon; roadmap ready as both nations agree to negotiate: Piyush Goyal

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Updated: February 28, 2020 2:01:41 PM

Even as Piyush Goyal is confident of achieving the $500 billion goal target for Indo-US trade, Guruprasad Mohapatra said that there is a need to increase the bilateral trade but no timeline should be fixed for it.

US-India, trade agreement, $500 billion roadmap, US India trade dealPiyush Goyal released a report on $500 billion roadmap while stating that India and the US are engaged in a true spirit of friendship and the trade goal in the next 10 years is certainly achievable. (Bloomberg image)

The big trade deal that Prime Minister Narendra Modi and US President Donald Trump discussed may have substantiated. Commerce Minister Piyush Goyal said that the US and India have agreed to enter into negotiations on a Free Trade Agreement (FTA). This came after the US President said that the trade negotiators of the two countries have made tremendous progress on a comprehensive trade agreement and that he was optimistic about a deal. The minister also released a report on a $500 billion roadmap while stating that India and the US are engaged in a true spirit of friendship and the goal of $500 billion trade goal in the next ten years is certainly achievable.

The trade goal of $500 billion surfaced when Donald Trump discussed it in front of reporters after meeting with Narendra Modi on the sidelines of the annual United Nations General Assembly. He said that he thinks that both countries will have a trade deal very soon as they have a larger deal down the road but it will be very soon.

Also Read: CEA KV Subramanian says this sector needs substantial, structural reforms to make economy bigger

Meanwhile, even as Piyush Goyal is confident of achieving the $500 billion goal target for Indo-US trade, Guruprasad Mohapatra, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT) said that there is a need to increase the bilateral trade between India and the US but no timeline should be fixed for it. He mentioned that trade tensions such as the US-China trade war may give a fillip to the US-India trade as many American companies are actively exploring alternative opportunities out of China.

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