NEW DELHI: India and the United States (US) are close to finalising the first phase of a bilateral trade agreement, with Indian Commerce Minister Piyush Goyal saying that negotiations are “about 99 per cent” complete.
Read More: India, US aim for $500 billion trade
The remarks came as a US delegation led by Brendan Lynch arrived in New Delhi for three days of discussions with Indian trade officials aimed at concluding the negotiations.
Speaking to reporters, Goyal said most outstanding issues had been resolved and that negotiators were now focused on final details of the agreement. He expressed confidence that the first tranche of the trade pact would soon be signed, paving the way for discussions on a broader and more comprehensive economic partnership.
#IndiaUSTradeDeal | India and US near first phase of bilateral trade agreement
While the final contours of the agreement remain under discussion, several sectors are expected to benefit if the two countries succeed in improving market access, reducing trade barriers and… pic.twitter.com/eG6ytsb3tm
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India and the United States reached an initial understanding on the proposed trade deal in February. However, progress slowed after sweeping tariff measures introduced by US President Donald Trump were struck down by the US Supreme Court. Following that decision, Washington launched investigations into what it described as unfair trade practices by several countries, including India, while maintaining a blanket 10 per cent tariff.
According to Goyal, negotiators are currently examining how recent legal developments in the United States should be incorporated into the final text of the agreement.
Last week, US Ambassador to India Sergio Gor said he expected an interim trade agreement to be signed within the coming weeks.
Both countries have set an ambitious target of increasing bilateral trade to $500 billion by 2030. Since March, officials from Washington and New Delhi have held multiple rounds of negotiations to address tariff disputes, improve market access and strengthen economic cooperation.
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Indian officials say the proposed agreement protects sensitive domestic sectors, including dairy and agriculture, while providing exporters with greater access to the vast US market. The deal is expected to enhance trade relations between the world’s largest and fifth-largest economies and support long-term economic growth for both countries.