India, US close to signing first phase of trade deal: India's Commerce minister
Speaking at a press conference, the BJP leader said that all major issues have already been resolved between the two delegations
Union Commerce and Industry Minister Piyush Goyal today (3 June) said 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 said that all major issues have already been resolved between the two delegations.
"The leaders of both nations had already announced the framework agreement on 3 February. All the major issues have been settled. US Ambassador to India Sergio Gor recently said 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," Goyal said.
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His remarks come amid renewed talks between Indian and American delegations, with a US team set to visit India to finalise the trade deal framework and meetings scheduled from 2 to 4 June, reports media.
A spokesperson from the US Embassy in India said 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.
Last week, US envoy to India Sergio Gor said only 1% of the deal remains to be finalised, with 99% already agreed.
"Our current interim trade agreement is on the table for us to finalise and that will unlock prosperity for both 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 negotiation period of the deal with India's free trade agreement talks with the European Union, saying discussions between India and the US have lasted only one and a half years, unlike 19 years with the EU.
Tariff structure to be finalised in deal
Goyal further said that the tariff structure between India and the US will be finalised in the agreement.
India was facing a 50% tariff from the US. According to Trump, 25% of this tariff was imposed due to New Delhi's high duties on Washington, while the remaining 25% was added as a penalty over India's purchase of Russian oil during the ongoing Ukraine war.
However, following the announcement of the trade deal framework in February 2026, the US said the tariff on India would be reduced to a final rate of 18%.
"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.
