India, US optimistic to soon finalise trade deal; negotiations to continue

India and the US have made "significant progress" on a number of trade-related issues, and both the countries are "optimistic" of reaching a kind of trade agreement in the near future.

US President Donald Trump said his country will soon have a trade deal with India.

"I think very soon. We are doing very well. (US Trade Representative) Robert Lighthizer who is right here negotiating with India... I think, very soon we will have a trade deal," Trump told reporters when asked if there is any trade deal is expected between India and the US.

"We will have a larger deal down the road ... but we will have a trade deal," Trump added.

However, no timeline was given by either side regarding finalisation of the deal.

Prime Minister Narendra Modi met Trump on the sidelines of the UN General Assembly session and discussed with him bilateral ties.

The two countries are negotiating a trade package to iron out bilateral trade issues and promote the two-way commerce.

The US has been pressuring India to lower duties on its products and address the trade deficit.

Speaking at the press conference, Modi said: "As far as trade is concerned, I am very happy that in Houston, in my presence there was an agreement signed by Indian company Petronet for USD 2.5 billion, which is the amount of investment the Indian company is going to do in the energy sector and this will mean that in the years to come, this will result in trade of an amount of USD 60 billion and create 50,000 jobs which I think is a big initiative taken by India."