Likely hits and misses in the upcoming US-India trade deal

• The imminent bilateral trade agreement will likely lead to reduction in India’s goods trade surplus with the US
• India would be able to import more energy products, certain agriculture products and defence equipment, among others, from the US
• Although the US is India’s largest export partner, there is scope to increase exports further in areas such as smartphones, certain pharma products and labour-intensive exports such as textiles and gems and jewellery