India, US close to signing first phase of trade deal: Indian minister

Published June 2, 2026 Updated June 2, 2026 10:51am
India's Commerce Minister Piyush Goyal speaks at the India-Korea Business Forum at Bharat Mandapam in New Delhi, India on April 20, 2026. — Reuters/File
India's Commerce Minister Piyush Goyal speaks at the India-Korea Business Forum at Bharat Mandapam in New Delhi, India on April 20, 2026. — Reuters/File

India and the United States are “about 99 per cent” done with the first tranche of a trade deal, the commerce minister said, as a US delegation began talks in New Delhi on Tuesday.

The delegation, led by Assistant US Trade Representative for South and Central Asia Brendan Lynch, is holding three days of talks with Indian trade officials, as the two sides seek to close negotiations.

“About 99 per cent of the issues have been settled,” Indian commerce minister Piyush Goyal told reporters in Delhi late on Monday.

The two countries reached an initial understanding for the trade deal in February, but negotiations slowed after President Donald Trump’s sweeping tariff measures were struck down by the US Supreme Court.

After the court order, the Trump administration launched investigations into unfair trade practices against several countries, including India, while imposing a blanket 10pc tariff.

Goyal said negotiators were examining how recent legal changes in the United States should be reflected in the final text of the agreement.

“I am fully confident that we will conclude and sign the first tranche of the bilateral trade agreement with the United States,” Goyal said, adding that discussions would then continue on a broader and more comprehensive pact.

“Discussions are continuing on minor details, essentially the commas and full stops.”

Last week, US ambassador Sergio Gor said he expected the interim trade deal to be signed “in the next few weeks”.

Washington and New Delhi have set a target of boosting bilateral trade to $500 billion by 2030, holding multiple rounds of negotiations since March to resolve market access and tariff disputes.

India says the deal protects its sensitive dairy and agricultural products while opening a $30 trillion market for exporters.

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