New Delhi, Jan. 29 -- India is engaged with the US to conclude a mutually beneficial bilateral trade agreement, people familiar with the matter said, even as New Delhi works to operationalize a Free Trade Agreement (FTA) with the European Union after the culmination of negotiations.

"We have made very significant progress. We are very close to seeing that come to fruition. The two sides remain in touch. I think even during the time that we were in the final throes of negotiating this deal (India-EU FTA), the trade negotiators were in touch with their US counterparts as well. We are hopeful of a positive outcome on that front," one of the people said on the condition of anonymity.

Trade talks with the US have been delayed, even as Washin...