Mumbai: In a recent development, President Donald Trump announced that India and the US will have a trade deal very soon.
The announcement made by Trump during a media interaction following his bilateral with Prime Minister Narendra Modi here on Tuesday.
“We will have a larger deal down the road a little but we will have a trade deal very soon,” Trump said.
US President Donald Trump at the bilateral meet with Prime Minister Narendra Modi, in New York: We will have trade deal very soon. pic.twitter.com/nhaQqAs3Eg
— ANI (@ANI) September 24, 2019
On this PM Narendra Modi replied saying, “As far as trade (India-US trade) is concerned, I’m happy that our Petronet signed an MoU of US$ 2.5 Billion investment in the energy sector. As a result of this, there will be a trade of US$ 60 Million in the coming decades and 50,000 people will get jobs.”
Modi was accompanied by External Affairs Minister S Jaishankar, Union Commerce and Industry Minister Piyush Goyal, Foreign Secretary Vijay Gokhale, amongst other government officials.
US Secretary of State Michael Pompeo was present in the US delegation, apart from others.
On 5 June, the US comes into the background of abolishing the privileges that India was taking under the Generalization System (GSP) program.
The GSP, implemented since 1974, is the largest and oldest US trade preference scheme and allows duty-free imports for thousands of products from designated beneficiary countries.
A bipartisan group of 44 US lawmakers urged the Trump administration to reinstate New Delhi’s program following Washington’s move.
Despite this, both countries have expressed confidence in their bilateral and trade relations.