Commerce Minister Piyush Goyal confirms India and the US are fine-tuning a bilateral trade agreement, marking significant progress in negotiations to resolve tariff differences and expand market access after months of discussions.

India and US Advance Trade Pact Negotiations

India and the US have concluded most discussions on the proposed bilateral trade agreement and are now fine-tuning the pact, Commerce and Industry Minister Piyush Goyal said on Monday, signalling progress in negotiations amid continuing tariff-related uncertainties. “We have concluded most of the discussions and are fine-tuning the agreement,” Goyal said while addressing the India-Netherlands Business Forum in The Hague. Goyal is on a two-day official visit to the Netherlands, accompanied by a business delegation.

Addressing the business forum, Goyal also highlighted India’s expanding trade engagement, noting that the country has concluded nine free trade agreements over the past four and a half years. His remarks come days after US Secretary of State Marco Rubio indicated that only a few issues remained to be resolved, expressing hope that the agreement would be concluded shortly. “I would say we’re about as close as you can be without having an executed agreement. I think there’s a small number of items left to wrap up,” Rubio said, adding that the agreement could be finalised soon and that the leaders could sign it thereafter.

Negotiation Framework and Challenges

India and the US announced the finalisation of a framework for the first phase of the bilateral trade agreement (BTA) in February. However, changes in the US tariff landscape have led to further negotiations on the proposed pact. Both nations have spent upwards of a year negotiating a bilateral trade arrangement designed to broaden market access while resolving protracted differences concerning tariffs, agricultural commodities, industrial merchandise, and regulatory barriers. (ANI)

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