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'All major points settled': First tranche of India-US trade deal soon, says Piyush Goyal
Speaking at a press conference, the BJP leader added that all major points have been settled between the delegations.
Union minister for commerce and industry, Piyush Goyal, on Monday, stated that the first tranche of the bilateral trade deal between India and the United States will be signed soon. Speaking at a press conference, the BJP leader added that all major points have been settled between the delegations.
"The leaders of both nations had already announced the framework agreement back on February 3rd. All the major points have been settled. US Ambassador to India, Sergio Gor, recently stated that 99% 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," said Goyal.
Goyal's remarks come amid fresh talks between Indian and American delegations. A team from the US will arrive in India to finalise the framework of the trade deal. As per the union minister, the meetings between both delegations will be held from June 2 to 4.
As per a spokesperson from the US embassy in India, the US delegation will be led by Assistant US Trade Representative Brendan Lynch.
“As Secretary Rubio stated during his recent visit to India, the US government is seeking a trade agreement between the United States and India that will be enduring, beneficial, and sustainable for both countries,” the spokesperson added further.
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Last week, US envoy to India Sergio Gor stated that only one percent of the deal is left to be finalised, stating that 99 percent of the deal is ready.
“Our current interim trade agreement is on the table for us to finalise and that will unlock prosperity for both of our countries… India had sent a team to Washington DC to finalise the last 1 % of that trade deal,” Gor said, while speaking on the theme “US-India TRUST Initiative: Advancing partnership in research and innovation”.
Earlier last month, Gor also compared the period of negotiations for the trade deal and compared it with India's free trade agreement with the European Union.
Gor stated that the negotiations between India and the US have lasted for only one and a half years, unlike "19 years with the European Union."
Tariff structure to be finalised in deal
Piyush Goyal further added that the tariff structure between India and the US will be finalised in the deal.
India was facing a 50 percent tariff by the US. As per Trump, 25 per cent of this tariff was implemented due to New Delhi's high levies for Washington. The remaining 25 per cent was added as part of a penalty due to India's purchase of Russian oil during the ongoing Ukraine war.
However, with the announcement of the trade deal in February 2026, the US stated that the tariff against India will be reduced to a final number of 18 per cent.
"The trade deal India is negotiating with the US will take into account legal changes in Washington's tariff structure," Goyal was quoted as saying by news agency Reuters.
