US India Business Council Expresses Optimism on Progress of Bilateral Trade Pact

The US India Business Council is hopeful that New Delhi and Washington will soon finalise a bilateral trade agreement, according to a senior official on Thursday. Both nations are keen on the trade pact and have engaged in multiple negotiation rounds, stated Atul Keshap, the council's President, during a media briefing.

There has been significant progress made throughout the year by both governments, and optimism remains high for the deal's completion, Keshap noted. The council, which marks its 50th anniversary this year, anticipates that both countries will successfully conclude the agreement.

Trade Relations and Ongoing Negotiations

For 25 years, the US and India have shared a history of mutual respect and resolving bilateral issues. Keshap highlighted the positive atmosphere and goodwill present in both directions. "We have been through tough negotiations in the past. I'm certain we'll get through this as well," he remarked before meeting with leaders at NSE, India's largest exchange.

Edward Knight, the council's chairman and executive vice-chairman of Nasdaq, mentioned that despite ongoing negotiations, business interactions between companies from both nations continue. "On a daily basis, on a moment-to-moment basis, the US and the Indian business communities are working together collaboratively on a wide range of issues, from AI to quantum computing," he explained.

Stock Market Dynamics

Knight addressed concerns within the stock market ecosystem regarding NASDAQ's plans for round-the-clock trading. He explained that this initiative is based on investor feedback. "We are responding to investors. Investors want to trade our securities. There's a USD 47-trillion market in Asia that trades when we don't trade," he said, emphasising the global nature of today's economy.

The council remains optimistic about overcoming any challenges in finalising the trade deal. Both countries have demonstrated a commitment to strengthening their economic ties through continuous dialogue and cooperation.

With inputs from PTI