Senior officials from both sides, who met under the aegis of the Trade Policy Forum, also finalised an action plan in areas like services, investments, non-tariff barriers and intellectual property rights to deepen bilateral cooperation.
The action plan would be reviewed at the next meeting of the forum on June 22.
Commerce and Industry Minister Kamal Nath will hold the next meeting with his counterpart in the US, where an investment meet is also being planned. The meeting on Tuesday was chaired by Deputy US Trade Representative Karan Bhatia and Commerce Secretary SN Menon.
"We have made good progress on all bilateral issues, particularly services. Both sides discussed their plurilateral offers in services and spelt out the areas, which are sensitive. Both sides are keen to move forward in services bilaterally and will discuss it through regular video conferencing," a commerce ministry official said.
The US side indicated that import of mangoes from India would be possible in the next two years. India, on the other hand, said it was examining the issue of allowing imports of almonds and Harley Davidson bikes.
New Delhi made a strong pitch for retaining countries like India and Brazil under the Generalised System of Preferences, which will expire in December this year. It also made a strong case for allowing Indian banks to set up branches in the United States.
Bhatia said the US was aware that India had sensitivities in agriculture but was willing to work with it to resolve them.
"Our offer (in agriculture) in October last year has been the most ambitious proposal that involved substantial cut in domestic support...We are still awaiting meaningful response from other developed countries," he said.
"All countries must do more for an ambitious outcome...To meaningfully open markets and allow greater market access to both developing and developed countries," he said, and sought greater market openings in rich nations like the EU and Japan.
Asked about discussions in investment, he said: "We have discussed the issue of investments with Indian officials here. India is a great market opportunity for investments... But FDI restrictions need to be addressed, particularly in the financial services sector."