India and United States move closer to first phase of trade agreement

13:15

India and the United States are accelerating efforts to finalize the first phase of a bilateral trade agreement, with both countries aiming to conclude negotiations by mid-July, according to India's Commerce Minister Piyush Goyal.

Speaking on Friday, Goyal said officials from both sides have intensified discussions in recent weeks and are working to resolve the remaining issues. The negotiations reflect the growing importance of economic cooperation between the world's largest and fifth-largest economies.

The two countries reached an initial understanding on a trade framework earlier this year. However, progress slowed amid uncertainty surrounding U.S. tariff policies and ongoing trade discussions. Recent meetings in New Delhi have helped revive momentum and bring negotiators closer to a preliminary agreement.

According to Indian officials, the first tranche of the proposed deal is expected to provide India with improved access to the U.S. market and strengthen bilateral trade relations. The agreement could also create new opportunities for businesses, investors, and exporters in both countries.

Despite positive developments, some challenges remain. Trade issues, including tariffs and market access concerns, continue to be part of the negotiations. Nevertheless, both governments appear committed to reaching a mutually beneficial arrangement.

Experts believe that an initial agreement could serve as a foundation for broader economic cooperation in the future, covering additional sectors and helping expand trade volumes between the two nations.

If finalized as expected, the first phase of the agreement would mark an important milestone in India-U.S. economic relations and reinforce strategic ties between the two partners at a time of increasing global trade competition.