India-US trade deal enters final stretch; Goyal says 99% of negotiations complete – Firstpost

India and the United States are in the final stages of concluding the first tranche of a long-awaited bilateral trade agreement, with Commerce and Industry Minister Piyush Goyal on Monday saying that 99 per cent of negotiations have been completed and only a few outstanding issues remain.

The remarks come as a US trade delegation arrives in New Delhi for a fresh round of negotiations from June 2 to June 4, raising expectations that the two countries could soon announce an interim trade pact aimed at expanding market access, boosting investment flows and strengthening supply-chain cooperation.

“As far as the US team is concerned, some members have already arrived, while others are arriving tonight. Our meetings are scheduled for June 2, 3 and 4. The leaders of both nations had already announced the framework agreement back on February 3. All the major points have been settled,” Goyal told reporters in New Delhi.

The minister said discussions over the next three days would focus on resolving a handful of remaining issues before the agreement is formally signed.

“US Ambassador to India Sergio Gor recently stated that 99 per cent of the details have been finalised. I am fully confident that we will conclude the first tranche of the bilateral trade agreement with the US as soon as possible. We will sign it and then proceed to initiate further discussions on how to formulate an even more comprehensive bilateral trade agreement moving forward,” he said.

The comments represent one of the clearest indications yet that months of intensive negotiations between New Delhi and Washington are nearing a breakthrough.

The proposed agreement is expected to cover a wide range of areas, including tariff concessions, customs facilitation, non-tariff barriers, investment promotion, digital trade and supply-chain resilience. Officials on both sides view the deal as a stepping stone towards a broader and more comprehensive bilateral trade framework in the future.

The negotiations have gathered pace amid efforts by India and the US to deepen economic engagement at a time of shifting global trade patterns and heightened geopolitical uncertainty. Both governments have repeatedly emphasised the importance of building resilient supply chains and reducing dependence on concentrated manufacturing hubs.

The timing is also significant. According to reports, Washington has assured New Delhi that no additional tariffs under Section 301 of the US Trade Act of 1974 will be imposed if the two countries finalise their trade agreement before July 24, when the current 10 per cent baseline tariff arrangement is due to expire.

India and the US are among each other’s largest trading partners, with bilateral trade in goods and services continuing to grow steadily over the past decade. Policymakers in both capitals have set ambitious targets for increasing two-way trade and investment as part of a broader strategic partnership that spans technology, defence, energy and critical supply chains.