High chances of a mini trade deal between the US and India!

High chances of a mini trade deal between the US and India!
Image by Cleo Robertson from Pixabay Image by Cleo Robertson from Pixabay

After the stand-off with China, the US and India are working to improve trade deals. According to a top American diplomat, there are chances of a mini trade deal between the US & India before 3rd November (date of the presidential election in the US). Bot the countries are trying to negotiate the problems and issues with trade deals to boost their financial ties. Both countries have quite good relations from the last few years and it is growing gradually. 

President Donald Trump and Prime Minister Narendra Modi have a strong commitment and great bond between them to work on trade deals. The secretary of the US, Stephen Biegun has revealed that there are chances. It was revealed by the secretary when the virtual India-US leadership summit took place virtually. There was a question asked related to a trade deal between both the countries to which he replied that there will be a mini deal before elections in the US happen.

“Do you think we’ve got a chance at a mini trade deal before the election?” ex-US ambassador, Richard Verma asked. Beigun replied, “I think there’s a chance. It’s going to take a little more energy. The time is short before the US elections and a lot of governments around the world are hedging a little bit. I wouldn’t be surprised if the Indian government as well.”

India is a crucial partner in Indo-Pacific: Pompeo

Pompeo said that India has got the chance to keep supply chains away from China and has also urged the country to reduce its dependency on Chinese companies. Due to India and China stand-off, twenty soldiers of India martyred and Pompeo expressed his grief over it. He also quoted, “Democracies like ours must work together at a time when we see the true scope of the challenge posed by the Chinese Communist Party.” He added We are both great democracies, good friends, and world powers.” He applauded India for banning Chinese apps which were becoming a threat to the USA and India both. He revealed that India is a major partner of the foreign policy of the USA”.

The opinion of External affairs minister of India

Dr. S. Jaishankar (External Affairs Minister) told that bonding between the two countries is strengthened. He also told that the United States needs to work on the multipolar world and has to go ahead of alliances and plural arrangements which are grown in these few years. He added that both countries can bring changes in the world as they will work on counter-terrorism, maritime security, and connectivity.

The United States has been one of the top trading partners of India and this has happened in the second consecutive year. In 2019-20. The bilateral trade between both countries amounted to 88.75 billion dollars and it was 87.96 billion dollars in the session 2018-19. When it comes to foreign trade, India has a trade surplus with the US. The data showed that the trade gap between these countries has increased in both the years as per data. In the year 2018-19, the United States went ahead of China and became the topmost trading partner of India.