India-US Trade Deal's First Phase Finalised, Drafting Underway

First tranche of the India‑US trade pact has been sealed and the legal text is now being drafted, Commerce Minister Piyush Goyal told reporters on Thursday. He added that the agreement will be put into effect only after India secures a comparable or competitive edge over rival economies. Goyal’s remarks followed Finance Minister Nirmala Sitharaman’s earlier comment that talks had hit a "plateau". The minister also announced that the free‑trade pact with the European Union is slated for signing in December and is expected to start operating in February or March next year. Commerce Secretary Rajesh Agrawal said negotiations on the US deal are progressing in the right direction. External Affairs Minister S. Jaishankar noted that India and the United States continue to work through remaining issues and that the talks are moving toward a "landing point", while emphasizing that the core strategic partnership remains unchanged. Jaishankar, speaking at the Bloomberg New Economy Forum, said some details are still pending and he preferred not to disclose them publicly. ## Context These trade talks are part of India’s broader push to diversify its export markets and secure better terms compared with other major economies, a goal that drives the timing and conditions of the agreements.