India and the United States have concluded the majority of discussions on their proposed bilateral trade agreement and have now entered the final phase of fine-tuning the pact, signalling significant progress towards a deal that both sides hope to finalise in the near future.

Commerce and Industry Minister Piyush Goyal announced the development while addressing the India-Netherlands Business Forum in The Hague during his two-day official visit to the Netherlands, where he is leading a business delegation.

Providing an update on the negotiations, Goyal said, “We have concluded most of the discussions and are fine-tuning the agreement.”

His remarks suggest that the long-running negotiations between New Delhi and Washington are approaching their final stages despite continued uncertainty surrounding the United States' tariff policies and other trade-related issues.

During his address, Goyal also underscored India's accelerating global trade engagement, pointing out that the country has concluded nine free trade agreements over the past four and a half years as part of its broader strategy to expand market access and deepen economic partnerships.

The minister's comments come shortly after US Secretary of State Marco Rubio expressed confidence that the agreement was close to completion.

Rubio indicated that only a limited number of issues remain unresolved and suggested that negotiators have already settled the vast majority of contentious matters.

“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.

He further expressed optimism that the remaining issues could be resolved in the near future, paving the way for the formal conclusion of the agreement and its eventual signing by the leaders of both countries.

Negotiations over the bilateral trade agreement have been underway for more than a year, reflecting the strategic importance both nations attach to strengthening economic ties. The proposed arrangement is intended to expand market access, boost bilateral trade flows and address a range of longstanding concerns related to tariffs, agricultural products, industrial goods and regulatory restrictions.

India and the United States had earlier announced the finalisation of a framework for the first phase of the Bilateral Trade Agreement (BTA) in February.

However, subsequent changes in the US tariff environment prompted additional rounds of negotiations as both sides worked to adapt the proposed pact to evolving trade conditions.

The agreement is widely viewed as an important step towards creating a more predictable and stable trade framework between the world's largest and fifth-largest economies.

Recent discussions have focused on narrowing differences over tariff structures, improving market access for businesses and reducing barriers that have historically complicated trade between the two countries.

The progress reported by both Indian and US officials suggests that negotiators have largely resolved the most difficult issues and are now working through the remaining technical details. The prospective agreement also forms part of a broader effort by both governments to deepen cooperation across trade, technology, energy, investment and strategic sectors.

With officials on both sides signalling that only a handful of matters remain unresolved, expectations are growing that the India-US trade pact could soon move from negotiation to execution, marking a major milestone in the economic relationship between the two countries.

ANI