USIBC optimistic on India-US bilateral trade pact

Mumbai, Dec 18 (PTI) The US India Business Council is "optimistic" of New Delhi and Washington signing the much-awaited bilateral trade deal, a top official said on Thursday.

Both governments are "ambitious" on reaching a trade pact and have held successive rounds of negotiations on the same, its President Atul Keshap told reporters here.

"There has been very serious work done over the course of the year by both governments, and we remain optimistic that the deal will come through," he said.

The council established by both governments, which is celebrating its 50th anniversary currently, hopes that both the countries finish the race on the deal, he added.

US and India have had a 25-year history of mutual respect and resolving any issues between the two countries, he said, adding that there is positivity and goodwill in both the directions.

"We have been through tough negotiations in the past. I'm certain we'll get through this as well," he said ahead of a meeting with the leadership at NSE, India's largest exchange.

The council's chairman, Edward Knight, who is also the executive vice-chairman of stock bourse Nasdaq, added that even while the negotiations are on, business ties continue between enterprises from both the countries.

"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 said.

About concerns expressed within the stock market's ecosystem given NASDAQ's plans to have round the clock trading, Knight said the American bourse has embarked on the initiative 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, reminding that we are in a global economy. PTI AA TRB