- India-US trade deal's first tranche to be signed by mid-July, says Piyush Goyal
- Intense negotiations held between June 2 and June 4, clearing way for initial phase
- US delegation expected in India by end of June to finalize trade deal details
The first tranche of the India-US trade deal will be signed by mid-July, Union Commerce Minister Piyush Goyal said in a briefing on Friday. Addressing reporters in New Delhi, the minister indicated that both nations are moving aggressively to seal the initial phase of the agreement, which will grant India crucial preferential market access.
The announcement follows a fresh round of intense bilateral negotiations. Goyal stated that Indian and American officials engaged in "excellent discussions" between June 2 and June 4, effectively clearing the runway for the first phase of the pact.
"I met with the negotiating team yesterday, and we are moving fast towards closing the agreement," Goyal said, confirming that the two sides are in a solid position to execute the first tranche by the middle of next month. The preferential access clause is expected to provide a significant boost to domestic exporters targeting the American market.
To iron out the final details before the July signing, Goyal confirmed that a higher-level US delegation is expected to arrive in India by the end of June.
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The accelerated timeline underscores a strong bilateral push to fortify supply chains and deepen economic ties, serving as a critical geoeconomic buffer amidst ongoing global trade volatility.
Notably, India and the US reached a framework agreement for a trade deal in February, which reduced the so-called reciprocal levy on New Delhi to 18% from 25%, and abolished the additional 25% tariffs imposed on India for Russian crude oil imports.
However, days after the announcement, the US Supreme Court ruled President Donald Trump's tariff policy as "illegal", as no assent for it was sought from the US Congress. Subsequently, the Trump administration imposed 10% tariffs on all trading partners, while preparing for a legal challenge to the apex court's order.
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