What trade agreement are the US and India planning to negotiate?

President Trump and Prime Minister Modi have agreed to begin negotiations addressing long-running trade disparities between the US and India, with the goal of signing a new trade agreement. Currently, the US trade deficit with India is almost $100 billion, which Trump indicates should have been addressed over the past four years. Both leaders are seeking what Trump describes as a 'certain level playing field' in their trading relationship, which he believes the US is entitled to, while acknowledging that fairness is also important to India. Trump emphasized they will 'work on that very hard' to create a more balanced US-India trading relationship.