India, US on verge of signing first phase of bilateral trade deal

WEB DESK: India and the United States are close to finalising the first tranche of a bilateral trade agreement, with about 99pc of issues resolved, Indian Commerce Minister Piyush Goyal has said.

A high-level US delegation led by Assistant US Trade Representative for South and Central Asia Brendan Lynch arrived in New Delhi on Tuesday for three days of talks aimed at concluding the negotiations.

The discussions come as both sides seek to overcome remaining hurdles and formalise the interim pact, according to Dawn News.

Negotiations advance despite recent US tariff shifts

The two countries had reached an initial understanding on the deal in February, but progress slowed following the US Supreme Court’s decision to strike down President Donald Trump’s sweeping tariff measures.

In response, the Trump administration initiated investigations into unfair trade practices involving several nations, including India, and introduced a blanket 10pc tariff.

Goyal told reporters in Delhi on Monday evening that negotiators were now working to incorporate recent legal developments in the United States into the final text of the agreement.

“About 99pc of the issues have been settled,” he said, describing the remaining points as “minor details, essentially the commas and full stops.”

Ambitious target set for bilateral trade

The minister expressed full confidence that the first phase of the trade deal would be signed soon, after which talks on a more comprehensive agreement would continue. Last week, US Ambassador Sergio Gor indicated that the interim deal could be signed within the next few weeks.

Washington and New Delhi have set an ambitious target of increasing bilateral trade to $500b by 2030. Multiple rounds of negotiations have been held since March to address market access and tariff-related disputes.

According to Indian officials, the agreement safeguards the country’s sensitive dairy and agricultural sectors while providing exporters access to the vast $30tr US market.