New Delhi: India and the United States have concluded most discussions on their proposed bilateral trade agreement and are now fine tuning the pact, Commerce and Industry Minister Piyush Goyal said on Monday, signalling progress in negotiations.
Goyal made the remarks while addressing the India Netherlands Business Forum in The Hague during his two day official visit to the Netherlands, accompanied by a business delegation.
The latest development comes amid continuing uncertainty over US tariffs and efforts by both countries to resolve outstanding differences before finalising the agreement.
US Secretary of State Marco Rubio recently indicated that only a few issues remained to be settled, expressing optimism that the agreement could be concluded soon, followed by its formal signing by the leaders of both countries.
India and the US announced a framework for the first phase of their bilateral trade agreement in February. However, changes in the US tariff structure prompted further negotiations over the proposed pact.
The negotiations aim to expand market access and strengthen economic ties between the two countries while addressing differences involving tariffs, agricultural products, industrial goods and regulatory barriers.
During his address, Goyal also highlighted India’s growing global trade engagement, noting that the country had concluded nine free trade agreements over the past four and a half years.
The proposed India US agreement is expected to play a significant role in expanding bilateral trade and investment opportunities. However, its finalisation will depend on the resolution of the remaining issues and completion of the formal process.
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