Washington, Oct 21 (KNN) Union Finance Minister Nirmala Sitharaman has said negotiations between India and the United States on trade deal is going on in “full speed” and expressed hope that it will conclude soon.

“In fact, I broadly mentioned it to Secretary Mnuchin, but that is something on which the Commerce Minister and Robert Lighthizer (US Trade Representatives) are working. My inputs are that the negotiations are going in full speed and there’s a great intensity with which both sides are engaging and hopefully the deal will be structured soon,” Sitharaman told reporters on Sunday.

India is demanding exemption from high duties imposed by the US on certain steel and aluminium products under its Generalised System of Preferences (GSP). India also wants to greater market access for its products from sectors, including agriculture, automobile, auto components and engineering.

On the other hand, the US has also raised concerns over high trade deficit with India. US wants greater market access for its farm and manufacturing products, dairy items and medical devices, and cut on import duties on some ICT products.

In 2018-19, India's exports to the US stood at 52.4 billion US Dollars, while imports were 35.5 billion US Dollars. Trade deficit dipped from 21.3 billion US Dollars in 2017-18 to 16.9 billion US Dollars in 2018-19.

Responding to a question, Sitharaman said ''A totalisation agreement with the US has always been on the cards.''

Totalisation agreement seeks to eliminate dual taxation with regards to social security and medicare taxes in the United States. 

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