New Delhi [India], May 29 (ANI): India and the United States are on the verge of concluding a highly anticipated interim trade agreement, with the deal expected to be signed within the coming weeks or months.

Speaking on Friday at the US-India TRUST Initiative event held at the Indian Institute of Technology (IIT) Delhi, the US Ambassador to India, Sergio Gor, revealed that bilateral negotiations have entered their final stretch.

'Just last week, India had sent a team to Washington DC to finalise the last 1 per cent of that trade deal. Next week we will welcome a U.S. delegation here to continue those talks,' he said.

'We fully expect that the trade deal will be signed over the next few weeks and months,' Gor added.

The Ambassador's remarks follow a recent announcement by India's Commerce Ministry confirming that a high-level US trade delegation is scheduled to visit India from June 1-4 to iron out the remaining clauses of the proposed bilateral agreement.

Highlighting the exponential trajectory of the economic relationship, Gor noted that bilateral trade in goods and services has skyrocketed from just USD 20 billion to over USD 220 billion over the past two decades.

He repeatedly emphasised India's evolution into a cornerstone strategic ally for Washington, stating, 'The importance of India is now... (The US sees India's potential) not only economically but strategically to the world.'

The ambassador said the TRUST (Transforming the Relationship Utilizing Strategic Technologies) initiative, launched during Prime Minister Narendra Modi's visit to Washington earlier this year, is helping deepen cooperation in critical and emerging technologies such as artificial intelligence, semiconductors, quantum computing, biotechnology, energy and space.

He also said the US is focusing on partnerships with countries it considers trusted collaborators in emerging technologies, noting that 'India's one of those partners.'

The ambassador also highlighted India's inclusion in the Pax Silica initiative, a trusted technology and supply-chain network led by the United States.

'The reason India was in the first top 10 countries around the world to join this is that we trust this place. We trust the people here, we trust the technology, we trust your government,' Gor said.

He added that India is joining 'a network of trusted ecosystems and resilient supply chains' covering technologies such as artificial intelligence, semiconductors and quantum computing.

On artificial intelligence, Gor said major American technology companies are increasing investments in India. He cited Amazon's planned USD 35 billion investment by 2030, Microsoft's USD 17.5 billion commitment to expand cloud infrastructure, and Google's subsea cable landing project in the country.

He also underlined the growing role of India in global pharmaceutical supply chains.

'On pharmaceuticals, we import close to 40 per cent of our generics from India,' Gor said, adding that the US trusts India for supplying critical and life-saving medicines.

The ambassador further highlighted cooperation in space, citing the recent launch of the NASA-ISRO NISAR mission and India's participation in the Axiom-4 mission. He said the two countries are also expanding collaboration under the Artemis Accords and in commercial space opportunities.

On critical minerals, Gor welcomed India's National Critical Minerals Mission and said both countries are working together to strengthen supply chains, processing, recycling and research partnerships in the sector. (ANI)