A successful trade deal with the US could help India mitigate external risks and boost its exports, the South Asian country said, as its government seeks to speed up talks and reach an interim agreement.

Sources say that the U.S. is closer to a new trade deal with India after a delay due to fighting with Pakistan. President Trump says countries all over the world are rushing to make new deals as the tariff war continues.

As trade talks between India and the United States are at an advanced stage, a monthly report by India's finance ministry has said that a successful deal will give a significant boost to exports, while also widening US market access for Indian goods.