New Delhi – India and the United States are closing in on the first tranche of a bilateral trade agreement, with Indian Trade Minister Piyush Goyal saying a deal could be concluded by mid-July.
Goyal made the remarks on Friday following a week of talks in New Delhi that brought together a full American delegation spanning multiple trade divisions. “We had a full team of officials from different divisions of trade from the U.S. in Delhi,” he said.
Both sides were making rapid progress, according to Goyal, who said the two countries were “fast moving towards closing all the open ends” of the proposed agreement. “By sometime in the middle of next month or so, we should be in a position to execute a very vibrant first tranche,” he said.
The initial tranche is expected to give India preferential trade access over its competitors in the American market.
The two countries first reached an initial understanding on a trade deal in February, but negotiations slowed after President Donald Trump’s sweeping tariff measures were struck down by the U.S. Supreme Court. Talks regained momentum during this week’s meetings in New Delhi.
The renewed push comes despite a fresh complication. On Wednesday, Washington proposed an additional tariff of 12.5% on imports from India, placing it among 60 economies it said had failed to curb goods made with forced labour.
Goyal said a higher-level U.S. delegation was likely to visit India later this month as both sides work toward sealing the agreement.
Leave a comment