India-US Trade Deal Inches Closer to Finish Line

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New Delhi: Commerce and Industry Minister Piyush Goyal stated on Monday that the United States and India are nearing an agreement of negotiations for the first phase of a long-awaited bilateral trade deal, with the majority of significant challenges already resolved.

Goyal stated that talks have progressed greatly and that only a few minor legal and technical aspects need to be resolved while speaking during an industry event. He stated that ‘commas and full stops’ are being resolved in the negotiations, meaning that the framework of the agreement have already been decided.

A US delegation is presently in New Delhi for intense negotiations to complete the first phase of the agreement. The discussions are part of a greater effort by both countries to strengthen economic ties and promote bilateral trade, which has been steadily growing in recent years.

One of the major sticking issues is India's demand for relief from a few tariffs imposed by and trade restrictions affecting steel, aluminium, and other exports. India is further seeking greater market access for its goods, while the United States wants better access to agricultural products, manufactured goods, and services.

Officials from both sides have voiced optimism that the initial agreement will be signed within weeks. Once completed, the first phase is planned to address tariff issues, market access, supply chain collaboration, and investment opportunities, as well as create the framework for a future more comprehensive trade deal.