India and the United States are moving closer to finalising the first tranche of their proposed bilateral trade agreement, with most key issues already resolved, Commerce and Industry Minister Piyush Goyal said on Monday. His remarks came as a high-level US delegation arrived in New Delhi for a fresh round of trade negotiations scheduled for June 2, 3 and 4.
Goyal Expresses Confidence in Early Conclusion
Goyal stated that members of the US negotiating team had already begun arriving in India and expressed confidence that the initial phase of the agreement would be concluded soon. He noted that the framework for the deal had been announced by the leaders of both countries on February 3.
Framework and Next Steps
The minister also said the agreement would factor in changes to the US tariff structure before both sides move toward a broader and more comprehensive trade pact. The first tranche is expected to address key trade barriers and enhance market access for goods and services.
The negotiations come amid ongoing discussions on tariff adjustments and bilateral trade imbalances. Both nations aim to strengthen economic ties and foster a more predictable trade environment. The successful conclusion of the initial phase could pave the way for deeper cooperation in sectors such as technology, pharmaceuticals, and agriculture.
Industry experts view the deal as a significant step toward reducing trade friction and boosting investor confidence. The US delegation's visit underscores the commitment of both governments to resolve outstanding issues and finalise the agreement expeditiously.
