New Delhi, June 1
India and the United States have finalized most aspects of the first phase of their proposed Bilateral Trade Agreement (BTA), with only a few remaining issues under discussion, Union Commerce and Industry Minister Piyush Goyal said on Monday. The ongoing negotiations are aimed at concluding the first tranche of the trade pact, which both countries have been working on since announcing its framework earlier this year.
Speaking to reporters in New Delhi, Goyal said the visiting US delegation is holding discussions with Indian officials from June 2 to June 4 to complete negotiations on the first phase of the agreement.
The minister said that nearly all elements of the proposed trade pact have been settled and that discussions are now focused on a handful of minor issues. Referring to recent remarks made by the US Ambassador, Goyal noted that around 99 percent of the agreement has already been finalized.
He said both sides are currently examining how recent U.S. legal changes should be reflected in the final text of the agreement. According to Goyal, once those adjustments are completed, the two countries will be in a position to conclude and sign the first tranche of the BTA.
India and the United States had announced the framework for the first phase of the Bilateral Trade Agreement on February 3, marking an important step in strengthening economic and trade ties between the two nations.
Goyal expressed confidence that the first phase would be concluded at the earliest, paving the way for further discussions on a broader and more comprehensive trade arrangement between the two countries.
The progress in negotiations signals growing momentum in India-US trade relations. Once the first phase is signed, both sides are expected to begin work on a broader agreement to expand trade and economic cooperation across multiple sectors.
