India and the US are negotiating a trade deal that could be announced during Prime Minister Narendra Modi’s visit to Washington later this month.

“We are firming up the specifics. Whether US President (Donald) Trump and Prime Minister Modi announces it during their meeting is up to them,” commerce minister Piyush Goyal told reporters here on Monday.

Goyal said the two sides were working on the specifics of a number of issues.

“We will inform you once the Prime Minister and the US President sit down and finalise. We have an open mind and with an open mind, we are looking at several sectors,” he said.

Modi will be in the US between September 21 and September 27, during which he will address the annual UN General Assembly session.

The Prime Minister would also attend an NRI event in Houston. The White House on Sunday said Trump would also attend the event.

India is pressing for an exemption from the high duty imposed by the US on certain steel and aluminium products and the resumption of export benefits to some domestic goods under the Generalised System of Preferences (GSP) as well as a greater market access for its products from sectors such as agriculture, automobiles, auto components and engineering.

The US is demanding a greater market access through cuts in import duties for its agriculture goods, dairy products, medical devices, IT and communication items.

India’s exports to the US in 2018-19 stood at $52.4 billion, while imports were $35.5 billion. The trade balance is in favour of India, and the US is pitching to reduce the trade deficit.

RCEP talks

Goyal said India has decided to conduct a meeting through video conference with the rest of the 15 members of the RCEP on certain issues.

“We have put forward certain proposals. If there is any surge in import of any product, we can take quick remedial measures and the interest of domestic industry is protected,” he said.

The RCEP members have targeted to conclude the talks by November. But several sectors such as dairy, steel and metal have raised serious concerns over this pact

The proposal assumes significance as India has registered a trade deficit in 2018-19 with as many as 11 of the RCEP member countries, including China, South Korea and Australia. The 16-member group is negotiating a mega trade pact since November 2012.