Confident Of Concluding First Phase Of India-US BTA Soon, Says Minister Piyush Goyal

(MENAFN- Live Mint) New Delhi: India and the US are closing in on the first tranche of a bilateral trade agreement (BTA), with both sides signalling that only minor issues remain before finalization, commerce and industry minister Piyush Goyal said on Monday.

Speaking to reporters in New Delhi, Goyal said he was confident the two countries would conclude, sign and then move on to a broader pact, as a US delegation arrives for a fresh round of talks from 2-4 June.

“Mostly everything is finalised. As you know, US Ambassador Sergio Gor said that 99 per cent of the things have been finalized. Discussions are going on about small issues, commas and full stops,” he said, noting that discussions build on a framework announced on 3 February.

Also Read | Three points in India-US trade deal divorced from reality

He characterized the remaining issues as largely technical.“Mostly everything is finalized. As you know, US Ambassador Sergio Gor said that 99% of the things have been finalized. Discussions are going on about small issues, commas and full stops,” he said.

On 7 February, India and the US issued a joint statement finalizing the contours of the first phase of the BTA, or an interim trade agreement. Both sides now need to convert the framework into a legally binding text.

Reaffirms framework

The framework reaffirmed the broader commitment to ongoing India–US BTA negotiations. It said the US would reduce tariffs on India to 18% from 50%, remove 25% tariffs on Indian goods linked to purchases of Russian oil, and cut the remaining 25% tariff to 18% under the proposed pact.

Goyal added that negotiators are now focused on how recent legal changes in the US will be reflected in the agreement.

Also Read | Centre plans monsoon push for capital markets, housing finance reforms

“While finalizing, how will the legal changes that have taken place in the US be reflected in the final agreement, and what kind of changes will be made accordingly. After finalizing that, I am fully confident that, with the US, we will conclude the first tranche of the BTA as soon as possible, sign it and start further discussions on how to have a more comprehensive BTA,” he said.

The US embassy said in a statement on Monday that a delegation led by assistant US Trade Representative Brendan Lynch will visit India from 1-4 June to continue discussions toward finalizing the agreement.

“As Secretary (of State) Rubio stated during his recent visit to India, the U.S. government is seeking a trade agreement between the United States and India that will be enduring, beneficial, and sustainable for both countries,” said the US embassy spokesperson, referring to Marco Rubio.

Part of discussions

According to multiple media reports, tariffs imposed under Section 301 are expected to be part of the discussions during the three-day visit by the US chief negotiator. US Trade Representative Jamieson Greer is also expected to visit India later for further talks, once there is greater clarity on the outcome of a Section 301 investigation or a commitment that India will not be subject to action under the provision, the reports said.

Bilateral trade between the two countries has risen from $20 billion to $220 billion over the past two decades.

At an event in New Delhi last week focused on the US-India TRUST Initiative (Transforming the Relationship Utilising Strategic Technologies), US Ambassador Sergio Gor said an Indian delegation had recently travelled to Washington to resolve remaining issues, and that a US team would soon arrive in India to conclude talks.

Also Read | Ten years of IBC: India's shift from bad loan days to banking revival

“Our current interim trade agreement is on the table for us to finalise and that will unlock prosperity for both of our countries. Just last week, India had sent a team to Washington DC to finalise the last one per cent of that trade deal,” he said.

“Today, the US is one of India's largest trading partners, and India is among the top trading partners of the US. Importantly, this growth is increasingly driven by innovation, investment and high value sectors, from digital trade and advanced manufacturing to energy and emerging technologies,” he added.

MENAFN01062026007365015876ID1111194828