India-US trade deal: Piyush Goyal says in 'advanced stages' of talks; what to expect

India-US trade deal soon? Commerce minister Piyush Goyal has said that India is in advanced stages of talks with the US for a bilateral trade agreement. Goyal’s statement assumes significance as it comes on the back of American President Donald Trump also hinting at an imminent India-US trade deal earlier this week."We are at the advanced stage of discussions with both the EU and US for trade deals," said Piyush Goyal at the ET Startup Awards.The United States has levied a 25 per cent penalty tariff on India for its Russian oil purchases, which adds to the existing 25 per cent reciprocal duties on Indian products entering US markets.Consequently, Indian exports face a huge 50 per cent additional import duty in the US. India has labelled these tariffs as "unfair, unjustified and unreasonable".According to a TOI report, the government is nearing completion of the bilateral trade agreement with the US. The government has also suggested that the long-awaited Export Promotion Mission will be unveiled within the next two weeks. At a meeting with Export Promotion Councils in Delhi on Wednesday evening, Goyal informed industry representatives that necessary approvals for the Export Promotion Mission are almost complete.

Meanwhile, in a significant development on Wednesday, Trump hinted at a trade agreement with India whilst addressing an Asia-Pacific conference in South Korea, expressing his "great respect and love" for PM Modi.As per a TOI report, the trade deal is likely to reduce US tariffs on Indian exports from 50% to 15%. The arrangement reportedly involves India's commitment to decrease Russian oil procurement whilst increasing energy imports from the United States, alongside other provisions.Additionally, India may pledge corn purchases from the US to support its expanding bio-fuel initiative of blending ethanol with petrol. The agreement may also include commitments regarding military equipment procurement.