India-US trade deal first phase finalized and undergoing legal drafting

India and the United States have finalized the first phase of a bilateral trade agreement, which is currently undergoing legal drafting. Union Commerce and Industry Minister Piyush Goyal stated that the deal is moving through its final contours and will be operationalized once India secures a competitive advantage over peer economies.

U.S. Ambassador to India Sergio Gor described the negotiations as moving at an “incredible pace,” noting that the “big items are done” and the discussions have advanced to specific products and tariff rates. External Affairs Minister S Jaishankar also indicated that talks are approaching a “landing point,” though he emphasized the importance of ensuring India's trade terms remain competitive compared to other nations.

Commerce Secretary Rajesh Agrawal noted that the timeline for signing the pact may depend on the formalization of the overall tariff structure in the United States and ongoing Section 301 investigations. The agreement aims to reduce tariff-related friction, address non-tariff barriers, and expand market access for both nations.