New Delhi: India and the United States are moving rapidly towards finalising the first phase of their proposed bilateral trade agreement, with both sides working to resolve the remaining issues and aiming to conclude the initial tranche by the middle of next month, Commerce and Industry Minister Piyush Goyal said on Friday.
Speaking to reporters, Goyal said negotiations have entered the final stages after a US trade delegation visited New Delhi from June 2 to June 4 for discussions with Indian officials.
The minister revealed that he personally met members of the American delegation on Thursday and expressed confidence that the outstanding issues would be resolved soon.
“We are fast moving towards closing all the open ends, and I think sometime by the middle of next month or so, we should be in a position to execute a very, very vibrant first tranche,” Goyal said.
He described the proposed agreement as the opening phase of a broader bilateral trade pact and said it would provide India with preferential market access compared to competing economies.
According to the minister, the first tranche is expected to strengthen trade relations between the two countries while creating new opportunities for Indian exporters and businesses in the American market.
Goyal also indicated that another high-level delegation is likely to visit India later this month to continue discussions and finalise the remaining details of the agreement.
The latest comments come amid intensified engagement between New Delhi and Washington to conclude an interim trade arrangement that could serve as the foundation for a comprehensive bilateral trade agreement in the future.
The negotiations are aimed at expanding market access, boosting investment flows, improving supply-chain cooperation and deepening economic ties between the world’s largest and fifth-largest economies.
Officials from both countries have expressed optimism in recent weeks about the progress of the talks, signalling that a breakthrough could be achieved in the coming weeks if the remaining issues are successfully resolved.
