Washington: US Treasury Secretary Scott Bessent informed lawmakers on Wednesday that trade negotiations with certain countries have reached advanced stages, indicating potential finalization of some agreements within the week. Bessent's testimony before the House of Representatives Committee on International Financial Systems highlighted the progress of these talks.

According to Anadolu Agency, Bessent refrained from specifying which countries were nearing the completion of trade deals, citing concerns that such disclosures could prove detrimental to the ongoing negotiations. He emphasized that the discussions remain active, stating, "Because the negotiations may still be in process as we speak."

When questioned about the timeline for concluding these talks, Bessent noted that negotiations involve numerous countries and asserted that progress is being made "at all deliberate speed," with some discussions "quite advanced."

Bessent also addressed upcoming trade talks with China, scheduled to begin on Saturday in Switzerland. He affirmed his leadership of the US delegation alongside US Trade Representative Jamieson Greer, while trade adviser Peter Navarro will not participate. The discussions follow recent economic tensions, including Washington's imposition of a 245% tariff on Chinese imports and Beijing's retaliatory 125% levies on US imports.

In response to inquiries about President Donald Trump's role in the finalization of agreements, Bessent confirmed that Trump retains the authority for the final decision on any trade agreements.

During the hearing, IMF reforms and Myanmar sanctions were also discussed. A lawmaker raised concerns that approving quota increases could enable future administrations to authorize Special Drawing Rights (SDR) allocations benefiting countries like China, Russia, Venezuela, and Iran without congressional oversight. Bessent assured alignment with US interests, stating, "We believe the SDR process at the IMF should serve the goals of the United States of America, and not other states."

Regarding Myanmar, where ongoing ethnic conflict has led to significant displacement and regional instability, Bessent expressed a commitment to bipartisan cooperation. He pledged to work on legislation aimed at addressing the crisis and emphasized the Treasury Department's readiness to take action in support of the Burmese people.