'Not in a hurry for a trade deal,' says India ahead of Trump's visit

Ahead of US President Donald Trump's visit, India has said that both sides don't want to rush into a trade deal and the deal is not stuck.

A government source told WION that "both sides want to reach an understanding with outcomes that balance both sides" and US and India "don't want to rush into the deal as the issues are complicated with many decisions having an impact on people's lives and long term economic consequences".

The source added, "we look to the future and seek to achieve a win-win solution for both side" and as we do that, we don't want comprises and are "not in a hurry to rush into a trade deal on the eve of the visit".

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Asked, if the deal is stuck, the source said, "not correct to say India-US trade deal is stuck. It is an ongoing process. Both ministers have agreed to talk and look at a larger Free trade agreement".

Earlier today, US President Trump said, he looks forward to a major trade deal later.

Trump said, "Well, we can have a trade deal with India, but I’m really saving the big deal for later on. We’re doing a very big trade deal with India. We’ll have it. I don’t know if it’ll be done before the election, but we’ll have a very big deal with India."

India-US trade has been growing more than 10 per cent per annum over the past 2 years and the trade deficit has been declining and expected to reduce as New Delhi imports more US oil and gas and purchase of civilian planes. The US is India's 6th largest importer of crude oil and India is now its 4th largest customer.

India is also keen that US restores Generalized System of Preferences (GSP), which is Washington's largest and oldest US trade preference program which was withdrawn last year for India.