India-US trade deal likely to be finalised in coming months, says Sergio Gor

US Ambassador Sergio Gor on Thursday expressed confidence that a major bilateral trade agreement between India and the United States could be finalised in the ldquocoming weeks and monthsrdquo signalling momentum in ongoing negotiations between the two countries reported IANSSpeaking at the Annual Leadership Summit of the American Chamber of Commerce in New Delhi Gor said the proposed agreement was aimed at boosting trade opportunities improving market access and strengthening economic cooperation between the two nations reported IANSUS says trade pact aimed at boosting business opportunitiesGor said the administration of US President Donald Trump was focused on expanding bilateral trade in a way that benefits businesses and workers in both countriesldquoPresident Trumprsquos goal is to facilitate bilateral trade in a way that creates lucrative opportunities for American businesses and workersrdquo Gor said during his address reported IANSHe added that an interim trade agreement was currently under discussion and could pave the way for broader economic cooperation between Washington and New DelhiAccording to Gor officials from both countries have accelerated discussions in recent weeks as negotiators work towards finalising the dealTrade negotiations gain pace after recent meetingsReferring to recent diplomatic engagements Gor said an Indian delegation had travelled to Washington last month to advance negotiations while a US delegation is expected to visit India next month for further discussions reported IANSHe said the proposed agreement is expected to reduce trade barriers expand market access and create a more predictable business environment for companies operating in both countriesldquoThis agreement if done right will strengthen supply chains catalyse new investments and drive sustained inclusive growthrdquo Gor said reported IANSHe added that the deal could deliver longterm benefits for industries workers and investors in both economiesGor compares IndiaUS talks with IndiaEU negotiationsAcknowledging that negotiations had taken time Gor pointed out that trade discussions between India and the European Union had stretched over nearly two decades before reaching a conclusion reported IANSldquoNegotiations have been ongoing for a year and a half but to put it in perspective the European Union took almost 19 yearsrdquo he saidDespite the challenges Gor maintained that both sides were optimistic about reaching an agreement soonldquoWe are confident that in the coming weeks and months this trade deal will be finalisedrdquo he addedIndian investments in US cross USD 20 billionHighlighting growing economic ties Gor said Indian companies had committed investments worth more than USD 20 billion in the United States during the annual Select Investment Summit reported IANSHe said the investment commitments reflected the expanding partnership between India and the US across multiple sectorsldquoThe US Embassy in India ranked first globally in facilitating investment commitments into the United Statesrdquo Gor saidHe also pointed to the increasing presence of American companies in Indiarsquos growing consumer and industrial marketsPiyush Goyal confirms further talks next monthMeanwhile Union Commerce and Industry Minister Piyush Goyal confirmed that an official US delegation is expected to visit India next month to continue bilateral trade negotiationsSpeaking on the sidelines of the summit Goyal said discussions had progressed following meetings between Indian and US officials in Washington in AprilThe proposed trade agreement is expected to be closely watched by industries in both countries particularly sectors linked to manufacturing technology energy and supply chainsWith inputs from IANS