India, US Close to Signing First Phase of Trade Deal

India and the United States are on the cusp of signing the first phase of a significant trade deal, with Indian Commerce Minister Piyush Goyal stating that "about 99 percent" of the issues have been resolved. A US delegation, led by Assistant US Trade Representative for South and Central Asia Brendan Lynch, arrived in New Delhi for three days of intensive talks aimed at finalizing the agreement.

“

About 99 percent of the issues have been settled.

Negotiations for this initial understanding began in February but faced delays following former President Donald Trump's tariff measures, which were subsequently struck down by the US Supreme Court. Following the court's order, the US administration initiated investigations into unfair trade practices by several countries, including India, while also imposing a 10% tariff.

Minister Goyal expressed strong confidence in concluding and signing the first tranche of the bilateral trade agreement. He indicated that discussions are now focused on incorporating recent legal changes in the United States into the final text and are addressing "minor details, essentially the commas and full stops." This suggests a near-complete consensus on the core aspects of the deal.

“

I am fully confident that we will conclude and sign the first tranche of the bilateral trade agreement with the United States.

Both nations have set an ambitious target of increasing bilateral trade to $500 billion by 2030. Multiple negotiation rounds have been held since March to resolve market access and tariff disputes. India has emphasized that the deal will protect its sensitive dairy and agricultural sectors while simultaneously opening up a substantial $30 trillion market for its exporters.

“

Discussions are continuing on minor details, essentially the commas and full stops.