NEW DELHI (CNBC) – India’s oil and natural gas minister has given a positive update on ongoing trade negotiations between India and the U.S., telling CNBC that a long-awaited deal is “at a very advanced stage.”

Dharmendra Pradhan, who also serves as the country’s petroleum and natural gas minister, made the comments during an interview Tuesday with CNBC’s Manisha Tipirneni. The U.S.-India Comprehensive Economic Cooperation Agreement (CECA), which aims to boost bilateral trade in goods and services between the two countries, has been under discussion for over a decade.

Pradhan’s comments come as both India and the U.S. seek to strengthen economic ties amid rising tensions with China. The minister said that “there is a lot of synergy” between the economies of India and the United States. He added, “We are looking forward to a win-win situation for both countries.”

Background: The U.S.-India CECA negotiations began in 2011 with the goal of increasing trade in goods and services between the two nations. The agreement has faced several hurdles over the years, including disagreements over access to each other’s markets for certain sectors such as agriculture, automobiles, and pharmaceuticals.

Despite these challenges, both sides have expressed a renewed commitment to reaching an agreement in recent months. In June 2021, Indian Commerce Minister Piyush Goyal held talks with U.S. Trade Representative Katherine Tai on the sidelines of the G-7 summit in London. The two ministers reportedly made progress in negotiations, and both sides have since expressed optimism about a potential deal.

Important Details: In his interview with CNBC, Pradhan said that “the CECA talks are at a very advanced stage.” He added that “both sides have come a long way” in the negotiations and expressed confidence that an agreement could be reached soon. The minister did not provide any specific timeline for when a deal might be announced.

The U.S. is India’s largest trading partner, with bilateral trade totaling $142 billion in 2020-21. However, the trade balance has been heavily skewed in favor of the United States, with India running a large trade deficit. The CECA is seen as an opportunity to address this imbalance and increase Indian exports to the U.S., particularly in sectors such as agriculture, textiles, and pharmaceuticals.

Pradhan also discussed other areas of cooperation between India and the United States, including energy and defense. He noted that the two countries have made progress on a number of energy projects, including