1 min read.Updated: 25 Feb 2020, 05:40 PM ISTLeroy Leo
Prime Minister Modi has said India and US will soon begin negotiations for a big trade deal
India has agreed to purchase more than $3 billion of advanced American military equipment from the US
NEW DELHI: Union commerce minister Piyush Goyal on Tuesday said that the Indian and US governments have finalised the contours of a limited trade deal between the two countries, and that there was a much larger deal in the offing.
"On the economic front, having almost closed the last contours of the limited trade package that we have finalised (with the US), and with the significant announcement of a much larger trade deal in the offing, I think we have moved to a new level of engagement where we will see a lot more two-way trade," Goyal said at an event organised by Federation of Federation of Indian Chambers of Commerce and Industry (FICCI).
While Goyal did not share details about the limited trade deal, or the larger partnership in offing, he said it would strengthen the two countries' cooperation in defence and energy sectors.
"We are going to see a lot more action between the two countries in strengthening our defence and energy cooperation," Goyal said.
Earlier on Tuesday, Prime Minister Narendra Modi said both the countries will soon begin negotiations for a big trade deal.
India on Tuesday also signed an agreement to purchase more than $3 billion of advanced American military equipment, including Apache & MH-60 Romeo Helicopters from the US.
Apart from defence and energy ties, the two countries also engaged in talks about agricultural products and medical equipment, with the US pressuring India to change its intellectual property laws, especially allowing patents for incremental innovation.
However, these talks have not seemed to fructify, and there have been no details on these during Trump's two-day visit either. Trump will head back for the US later today.