India And US Close To First Phase Of Trade Deal: Minister

2026-06-03 05:08:34

(MENAFN- Gulf Times) India and the United States are close to finalising the first phase of a bilateral trade agreement after months of negotiations, according to India's Commerce Minister Piyush Goyal.

Speaking to reporters on Tuesday, Goyal said that 99% of the issues had been resolved as a new US delegation arrived in New Delhi for three additional days of talks.

India and the United States have been negotiating the trade deal for several months amid tensions over tariffs and US sanctions targeting buyers of Russian oil.

In February, the two countries set a goal of increasing annual bilateral trade to $500 billion by 2030. However, negotiations became more complicated following disputes over US tariff policies.

Last year, US President Donald Trump imposed tariffs of up to 50% on Indian imports in response to New Delhi's continued purchases of Russian crude oil.

Washington later suspended the measures in March amid concerns over rising global fuel prices linked to the conflict in the Middle East.

Despite those tensions, both sides have continued discussions aimed at deepening economic ties and expanding trade cooperation.

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