India and the United States are close to finalising a trade agreement, with most of the major issues already settled, US Ambassador to India Sergio Gor said on Thursday, signalling progress in negotiations ahead of US Secretary of State Marco Rubio's upcoming visit to India.
Speaking at the Bloomberg New Economy Forum in Delhi, Gor said the broad framework of the agreement had been worked out, although negotiations over smaller issues were continuing.
"The big picture, the big framework, the big items are done," Gor said, expressing confidence that the two countries would soon conclude the agreement.
The remarks come as Washington and New Delhi continue negotiations over trade barriers and tariffs, with the US administration having to revisit parts of its trade arrangements following a Supreme Court ruling against its use of emergency economic powers to impose tariffs.
Gor said the negotiations were particularly complex because of the size of the two economies and the number of products and sectors involved.
"With a place like India, you've got 1.4 billion people. It's a complex place. We're a complex place, and so matching everything is not going to be done overnight," he said.
The ambassador said he had participated in several rounds of negotiations involving US Trade Representative Jamieson Greer and Commerce Minister Piyush Goyal, where discussions had reached the level of individual products and tariff percentages.
"We're very close to landing it," Gor said, adding that he remained confident the agreement would be completed.
He also pointed to the pace of negotiations, noting that the two countries had been working on the agreement for about a year and a half.