India-U.S trade negotiations going in full speed: Minister

Finance Minister Nirmala Sitharaman has said the negotiations between India and the U.S on a trade deal are going in 'full speed' and expressed hope that an agreement will be structured soon.

The ongoing trade deal negotiations briefly came up for discussion during a pull aside between Nirmala and U.S Treasury Secretary Steven Mnuchin at the IMF headquarters.

Mnuchin is scheduled to visit India early next month.

"In fact, I broadly mentioned it to Secretary Mnuchin, but that is something on which the Commerce minister and (Robert) Lighthizer (U.S 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," Nirmala said.

India is demanding exemption from high duties imposed by the U.S on certain steel and aluminium products, resumption of export benefits to certain domestic products under their Generalised System of Preferences (GSP), greater market access for its products from sectors, including agriculture, automobile, auto components and engineering.

On the other hand, the U.S wants greater market access for its farm and manufacturing products, dairy items and medical devices, and cut on import duties on some ICT products.

The U.S has also raised concerns over high trade deficit with India.

(with news agency inputs)