Piyush Goyal Confirms 99% Progress On India-US Trade Deal First Phase
India and US near completion of first tranche of trade deal as talks continue in Washington.
Minister of Commerce and Industry Piyush Goyal has indicated that negotiations for the India–US trade agreement are nearing completion, stating that 99 per cent of the first tranche of the deal has already been finalised. His remarks come ahead of a fresh round of talks between Indian and United States trade teams scheduled from June 2 to June 4 in New Delhi.
Goyal said that a portion of the US negotiating team has already arrived in India, with the remaining members expected to join shortly. He added that the government is aiming to conclude and sign the first tranche of the bilateral trade agreement during the ongoing round of discussions, signalling strong progress in long-running negotiations between the two countries.
The proposed agreement forms part of a broader trade framework initiated earlier this year, when India and the United States issued a joint statement outlining the structure for a phased bilateral trade arrangement. Both sides have since been working on finalising the legal text of the first phase while addressing regulatory and policy concerns raised during discussions.
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According to earlier details of the framework, the United States had agreed to consider reducing tariffs on Indian goods to around 18 per cent and removing certain duties linked to India’s purchase of Russian oil. These measures are being viewed as significant for Indian exporters, especially after prolonged trade tensions that had previously resulted in higher tariffs affecting key export sectors.
Indian officials, however, have acknowledged that some of the American proposals remain complex and unconventional, requiring further negotiation. At the same time, India has maintained its position on continuing imports of Russian crude oil despite external pressure, even as tariff-related issues remain a sensitive part of the discussions.
The talks are also expected to address wider trade issues, including India’s proposed tariff reductions on several US agricultural and industrial products such as fruits, tree nuts, soybean oil, wine and spirits. Additionally, earlier discussions included proposals for increased Indian purchases of US energy products, aircraft, technology goods and coking coal over a five-year period.
With negotiations entering a decisive phase, both sides are expected to work towards greater clarity and legal finalisation of the agreement, which officials believe could significantly boost trade flows and improve business confidence between the two major economies.
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