Noting that trade has been affecting bilateral ties, the US has said it is open to talks if India addresses the issues related to trade and market access.

In November, the US had revoked duty-free concessions on import of at least 50 Indian products, mostly from handloom and agriculture sectors, reflecting the Trump administration's tough stand on trade-related issues with New Delhi.

On Friday a senior State Department official of the US government told PTI that the country has "struggled with regulatory issues that get in the way of the ease of doing business and market access for American companies and products."

"Trade has frankly been an area of frustration in the relationship, but the door is open if India is prepared to bring a serious proposal to the table," he further said.

The notification related to GSP (Generalised System of Preferences) is still within the 60 days period, after which the benefits would formally be withdrawn. PTI reported that the US has told India that it is not too late, however, any policy change at this point is unlikely because of the upcoming elections and the model code of conduct.