India and the United States are on the verge of concluding the first phase of their long‑anticipated bilateral trade agreement, with Indian Commerce Minister Piyush Goyal declaring that “about 99 percent” of the issues have already been resolved.

His remarks came as a high‑level American delegation, led by Assistant US Trade Representative for South and Central Asia Brendan Lynch, began three days of intensive discussions in New Delhi aimed at finalising the interim pact.

The two countries had reached an initial understanding in February, but progress slowed after the US Supreme Court struck down President Donald Trump’s sweeping tariff measures. In response to the ruling, Washington imposed a blanket 10 percent tariff on inbound goods and launched investigations into alleged unfair trade practices, including those involving India. These developments required negotiators to reassess how recent legal changes in the United States should be incorporated into the final text of the agreement.

Minister Goyal expressed confidence that the first tranche of the bilateral trade deal would be signed soon, noting that only minor details remained under discussion. He emphasised that talks were now focused on “commas and full stops,” underscoring the advanced stage of negotiations. Once the interim agreement is concluded, both sides intend to continue discussions on a broader and more comprehensive pact that will address deeper structural issues.

US Ambassador Sergio Gor had already signalled optimism last week, stating that he expected the interim deal to be signed “in the next few weeks.” This aligns with the broader strategic objective set by Washington and New Delhi to boost bilateral trade to $500 billion by 2030.

Multiple rounds of negotiations since March have sought to resolve disputes over market access and tariffs, with both governments keen to demonstrate momentum despite earlier setbacks.

India has insisted that the agreement safeguard its sensitive dairy and agricultural sectors, while simultaneously opening access to a $30 trillion market for its exporters.

This balancing act reflects New Delhi’s determination to protect domestic interests while capitalising on expanded opportunities in the United States. The deal is expected to strengthen supply chains, enhance investor confidence, and provide greater certainty for businesses on both sides.

The current round of talks marks a critical juncture in the trade relationship, as negotiators seek to overcome the challenges posed by recent judicial and policy shifts in Washington. With nearly all substantive issues resolved, the signing of the first phase of the trade deal appears imminent, setting the stage for deeper economic integration between the two democracies.

Agencies