Commerce Minister Piyush Goyal on Monday said India and the United States are close to finalising the first phase of their proposed Bilateral Trade Agreement (BTA), adding that “99% of discussions” have already been completed.
Speaking about the ongoing negotiations, Goyal said discussions between the two sides would continue from June 2 to June 4 to resolve a few remaining issues before the agreement is formally announced.
“99% of discussions are closed. Small issues are being addressed,” Goyal said, adding that India would “very soon” announce the signing of the first BTA with the US. He also indicated that talks for a second phase of the agreement would continue after the initial pact is concluded.
His remarks come as a US trade delegation is in New Delhi for another round of negotiations aimed at finalising an interim trade arrangement and advancing the broader India-US trade pact. The American team is scheduled to hold discussions with Indian officials from June 1 to June 4.
The proposed agreement is expected to cover issues such as market access, customs facilitation, non-tariff barriers, investment promotion and supply-chain cooperation. Both countries have been trying to accelerate negotiations amid efforts to deepen economic ties and reduce trade frictions.
The latest comments from Goyal are among the strongest indications yet that both sides may be nearing a breakthrough after months of negotiations. The minister had earlier told business leaders in the US that an interim agreement between India and the United States was close and that discussions were progressing positively.
The India-US trade talks are part of a broader push by both countries to expand bilateral economic engagement and increase two-way trade in the coming years.