Union Commerce and Industry Minister Piyush Goyal announced on Monday that all significant points regarding the trade deal between India and the United States have been resolved, and the final agreement will soon be signed.
Progress on the Deal
In a statement to reporters, Goyal mentioned that US Ambassador to India, Sergio Gor, previously indicated that 99% of the trade deal’s details have been finalized. Goyal expressed optimism that the first phase of the agreement would be signed very soon.
“The leaders of both nations announced the framework of the agreement on February 3rd. All major aspects are settled, and I am confident we will complete the first phase of our bilateral trade agreement with the US as quickly as possible,” Goyal stated.
Upcoming Discussions
His comments come as new discussions are set to take place between India and the US. A delegation led by Assistant US Trade Representative Brendan Lynch is expected to arrive in India for meetings scheduled from June 2 to June 4.
“As Secretary Rubio noted during his visit to India, the US government is interested in a trade agreement that is sustainable and beneficial for both countries,” the spokesperson said.
Final Touches Remaining
Last week, Gor remarked that only a small portion of the proposed trade agreement remains to be worked out, with 99% already completed. He emphasized that the current interim trade agreement is on the table, which would help unlock economic growth for both nations.
Comparison with EU Negotiations
Gor also compared the India-US trade talks to India’s negotiations for a free trade agreement with the European Union, noting that the discussions with the US have progressed in about 18 months, while the EU talks have taken nearly 19 years.
Tariffs in Discussion
Previously, Goyal stated that tariffs affecting trade between the two countries would be a part of the agreement. The US had imposed tariffs of up to 50% on Indian goods, attributed to high tariff barriers and India’s purchase of Russian crude oil during the Ukraine conflict.
Following the February announcement of the trade agreement framework, the US indicated that tariffs on Indian goods would be reduced to a final rate of 18%.
“The trade deal being negotiated will consider potential changes to Washington’s tariff structure,” Goyal added.
