India and US Close to First Tranche Trade Deal Finalization

NEW DELHI: (Web Desk) – India and the United States are close to finalizing the first phase of a major trade agreement, with officials saying that nearly all outstanding issues have been resolved as negotiations enter their final stages.

India’s Commerce Minister Piyush Goyal said that about 99% of the trade deal has already been agreed upon, describing the remaining points as minor technical adjustments.

A US delegation led by Assistant US Trade Representative Brendan Lynch is currently in New Delhi for three days of discussions with Indian trade officials aimed at finalizing the first tranche of the agreement.

The negotiations come after both sides reached an initial understanding in February. However, progress slowed following changes in US trade policy, including tariff measures and legal challenges related to broader trade enforcement actions.

Despite these hurdles, officials on both sides now say they are close to concluding the initial phase of the deal. Goyal expressed confidence that the agreement will soon be signed, noting that only minor textual and legal refinements remain.

He described the remaining work as largely technical, comparing it to finalizing “commas and full stops” in the draft agreement.

Last week, US Ambassador Sergio Gor said he expected the interim trade deal to be signed within weeks, signaling strong momentum in the negotiations.

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The proposed agreement is part of a broader effort by Washington and New Delhi to expand bilateral trade to $500 billion by 2030. Both countries have been holding multiple rounds of talks since March to address tariff barriers and market access issues.

India has emphasized that the agreement safeguards its sensitive agricultural and dairy sectors while also expanding export opportunities into a large global market.

If finalized, the first tranche is expected to lay the groundwork for a more comprehensive trade pact in the future, further strengthening economic ties between the two countries.