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India-US Trade Deal 99 Percent Done, Says Commerce Minister
(MENAFN) A landmark bilateral trade agreement between India and the United States is on the verge of completion, Indian Commerce Minister Piyush Goyal announced Monday — with the first tranche nearly fully negotiated as a US trade delegation touched down in New Delhi for final talks.
Goyal told reporters that the foundational framework, announced earlier this year by the leaders of both nations, had largely cleared its final hurdles.
"All the major points have been settled. US Ambassador to India Sergio Gor said that 99% of the deal is ready. Small commas and full stops are being discussed," he said.
The minister projected confidence that the finishing line was within reach. "The legal changes that were made in the US during the finalization of the deal, how to reflect them in the final agreement, how to make changes according to it, I am confident that we will finish the first tranche of the bilateral trade agreement with the US as soon as possible," he said.
Indian External Affairs Ministry spokesman Randhir Jaiswal echoed the optimism last week, noting the delegation's arrival was intended to drive negotiations forward. "So far, we've had a positive and constructive engagement," he said.
The breakthrough follows months of friction. Tensions flared last year after President Donald Trump's administration imposed 50% tariffs on Indian goods — partly in response to India's continued purchase of Russian oil amid the ongoing Moscow-Kyiv war. The two sides announced an interim framework deal in February to defuse the standoff.
The stakes are substantial. US Secretary of State Marco Rubio disclosed last month that India had "committed to purchasing $500 billion in US goods over the next five years, focusing on energy, technology, and agriculture." Total bilateral trade between the two nations reached approximately $149.4 billion in 2025, according to officials.
Goyal also said he remained equally confident across all ongoing trade negotiations. "We will finish the first tranche of the bilateral trade agreement as soon as possible," he added.
Goyal told reporters that the foundational framework, announced earlier this year by the leaders of both nations, had largely cleared its final hurdles.
"All the major points have been settled. US Ambassador to India Sergio Gor said that 99% of the deal is ready. Small commas and full stops are being discussed," he said.
The minister projected confidence that the finishing line was within reach. "The legal changes that were made in the US during the finalization of the deal, how to reflect them in the final agreement, how to make changes according to it, I am confident that we will finish the first tranche of the bilateral trade agreement with the US as soon as possible," he said.
Indian External Affairs Ministry spokesman Randhir Jaiswal echoed the optimism last week, noting the delegation's arrival was intended to drive negotiations forward. "So far, we've had a positive and constructive engagement," he said.
The breakthrough follows months of friction. Tensions flared last year after President Donald Trump's administration imposed 50% tariffs on Indian goods — partly in response to India's continued purchase of Russian oil amid the ongoing Moscow-Kyiv war. The two sides announced an interim framework deal in February to defuse the standoff.
The stakes are substantial. US Secretary of State Marco Rubio disclosed last month that India had "committed to purchasing $500 billion in US goods over the next five years, focusing on energy, technology, and agriculture." Total bilateral trade between the two nations reached approximately $149.4 billion in 2025, according to officials.
Goyal also said he remained equally confident across all ongoing trade negotiations. "We will finish the first tranche of the bilateral trade agreement as soon as possible," he added.
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