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Report: US, India working on 'mini' trade deal

The U.S. and India are drawing up a "mini" bilateral trade deal that is likely to be announced during President Donald Trump's visit to the South Asian nation at the end of January or in February, The Wall Street Journal reported, citing current and former government officials in both countries.

Senior officials from both countries have met several times in the past few months to discuss the terms of the agreement, but nothing has been finalized yet, the Journal said. The partial deal may not include tariff reductions but could return India to the U.S.' list of countries with preferential trade status, people told the paper.

The U.S. terminated India's designation as a beneficiary developing country, effective June 5, 2019, canceling the Asian country's preferential access to the U.S. market.

The U.S. wants India to open up its dairy and agriculture markets to more American products, address intellectual property concerns and lift price caps on certain medical devices, according to the report.

Trump's visit to India will also depend on his impeachment trial, the Journal said, citing an official from India's foreign ministry with knowledge of the discussions.