The much-anticipated trade deal between India and the United States is at a “very advanced stage,” Indian Petroleum and Natural Gas Minister Hardeep Singh Puri told CNBC on Tuesday.

As India and the European Union announced a landmark trade deal, he told CNBC’s Amitoj Singh: “I will try to look at the positive side, I am not a prophet, I don’t know when the trade deal will be signed, how long it will take… But I think everyone needs to calm down a little bit.”

“People involved in it (negotiations) tell me it’s at a very advanced stage and I hope it sees the light of day as well,” he added of the U.S. deal.

Singh Puri described the relationship between the US as “very strong” and said India supported the multilateral trading system, which was reflected in Free Trade Agreement with the European Unionannounced early Tuesday.

He added that this stance on open trade would be beneficial to Washington as trade negotiations continue.

“There’s an economic opportunity here for others who want to do a trade deal. So let’s try to turn it around. I think it will be mutually beneficial, not only for the EU… but also for the United States and elsewhere,” he said.

There may be some concerns in New Delhi on Tuesday How US President Donald Trump might react The country has reached a new trade deal with the European Union, under which the two sides will gradually reduce tariffs on most of each other’s imports.

Despite reaching a trade deal with the EU and continuing trade talks with India to reach an agreement, the US has imposed punitive tariffs on imports from the two trading partners; while the EU has imposed a 15% tariff on its exports to the US, India has been affected. Imposing a more punitive 50% taxThis is partly due to its continued oil purchases from Russia.

Trump has yet to publicly react to the EU-India deal announced early Tuesday morning European time. US Treasury Secretary Scott Bessant has criticized the EU for moving ahead with a trade deal with India.

“The United States has made a much greater sacrifice than the Europeans. We have a 25% tariff on India buying Russian oil. Guess what happened last week? The Europeans signed a trade deal with India,” Bessant told ABC News on Sunday.