US is ‘making a lot of money with India’, says Trump as early Trade Deal appears likely
New Delhi, June 6: India and the US are likely to execute the “very, very vibrant” first phase of Interim Trade agreement by the middle of next month, Commerce Minister Piyush Goyal has said, hours after American President Donald Trump said his country is “making a lot of money with India” unlike the past when “India took advantage of the United States.”
India and the US have been holding negotiations for a Bilateral Trade Agreement (BTA) and in this regard, work is in progress to finalise an Interim deal.
Negotiators of the two countries held 3-day talks in New Delhi till June 4 and reported progress.
“I also met with them (the US negotiators), and we are fast moving towards closing all the open ends, and I think sometime by the middle of next month or so, we should be in a position to execute a very, very vibrant first tranche,” Goyal told reporters on the sidelines of an event in Vishakhapatnam.
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Hours earlier, Trump, while interacting with journalists and responding to a question on the ongoing trade negotiations, said, “For years, India took advantage of the United States. They charged us tremendous tariffs and paid nothing. Now it is the exact reverse, and we are making a lot of money with India.”
He added that “we will get to a deal because I like your Prime Minister a lot. He is a good friend of mine, and we get along well. We have a good relationship.”
The latest developments suggest that both sides are working to bridge remaining differences and move towards an early conclusion of the trade deal, which is expected to provide greater certainty for businesses and strengthen bilateral economic ties.
