India and US near finalising trade pact as talks move to fine‑tuning stage

India and the United States have wrapped up most talks on a new bilateral trade pact and are now fine‑tuning the agreement, Commerce and Industry Minister Piyush Goyal said on Monday. Goyal made the remark while on a two‑day official visit to the United States. He travelled with a business delegation that met several US firms and government officials. Speaking at the India‑Netherlands Business Forum in Washington, the minister noted that India has signed nine free‑trade agreements in the past four and a half years. He highlighted that the pace of those deals shows India’s push to expand trade ties worldwide. In February, both sides announced that they had finalised the framework for the first phase of the bilateral trade agreement. That framework set out the sectors and rules that would guide the initial round of trade liberalisation. Since then, recent changes in the US tariff landscape have required fresh negotiations on price and duty levels. American adjustments to tariffs on certain goods mean the two countries must revisit some clauses before signing. Goyal said the ongoing fine‑tuning will address those tariff shifts and aim for a balanced deal. No exact timeline for signing was given, but the minister said progress remains steady.

Context

Bilateral trade agreements typically move through negotiation, framework agreement, fine‑tuning and final signing stages. Changes in tariff policies of one partner often trigger a review of the negotiated terms to keep the deal fair. India’s recent string of free‑trade deals reflects its broader strategy to boost exports and attract investment.