There may be a small trade agreement between the US and India before the presidential election. The election of the president in the US is on November 3. Addressing the 3rd India-US Leadership Summit organized by the US-India Strategic and Partnership Forum (USISPF) on Monday, US Deputy Foreign Minister Stephen Begun said, “Prime Minister Narendra Modi and President Donald Trump have a very good relationship. Both are committed to a trade agreement. There is a possibility of a small agreement.
Begun was asked about the possibility of a small trade agreement before the US presidential election. Richard Verma, former US ambassador to India, questioned him, “Do you think there is a possibility of a small trade agreement before the election?
Begun said it was likely. However, we have to put more energy. According to commerce ministry data, the US was India’s largest trading partner for the second consecutive year in the last financial year 2019-20. Bilateral trade between the two countries stood at $88.75 billion in the past year from $87.96 billion in 2018-19. The US is among the few countries with which India is in a state of trade surplus. The trade gap reached $17.42 billion in 2019-20, up from $16.86 billion in the previous fiscal.