US Deputy Secretary Christopher Landau stated that India and the US are 'very, very close' to signing a trade deal, with the need to overcome the 'last hurdle'. He emphasized the importance of India as a global power, saying it's crucial for both countries to reach a closure on the trade deal.
Landau, who recently visited India, reiterated the significance of India's economic potential and its potential to lift hundreds of millions of people out of poverty.
The US and India announced the framework of the bilateral trade agreement on February 2, with Indian negotiators visiting the US last month for discussions.
India is seeking preferential access to the US markets as part of the agreement, aiming to achieve bilateral trade of USD 500 billion by 2030.
The US had agreed to reduce tariffs on India to 18 per cent, but the US Supreme Court's ruling against Trump's reciprocal tariffs has led India to seek recalibration and redrafting of the agreement.
