India and the United States are close to finalizing the first phase of a bilateral trade agreement (BTA), with most issues resolved ahead of upcoming talks scheduled for June 2-4 in New Delhi, commerce and industry minister Piyush Goyal said. The agreement aims to pave the way for a broader trade pact between the two countries, signaling progress in economic ties.
Speaking to reporters, Goyal expressed confidence that the initial phase would be concluded and signed soon. He noted that the US Ambassador Sergio Gor had indicated that 99% of the agreement's terms were finalized. The remaining discussions focus on minor legal and technical issues, with a US delegation arriving in New Delhi to continue negotiations during the early June meetings.
The nearing completion of this BTA phase comes amid efforts to strengthen India-US trade relations and address longstanding barriers. The deal is expected to enhance bilateral commerce by reducing tariffs and improving market access. This development follows a series of talks aimed at boosting cooperation and aligns with broader global trends where the US seeks to deepen economic partnerships in Asia.
The next round of negotiations from June 2 to 4 will address residual issues, with both sides aiming to conclude the agreement promptly. Minister Goyal's remarks on June 1 underscore the progress made, setting the stage for formal signing and subsequent expansion of the trade framework.