India and the United States have finalised the framework for a proposed bilateral trade agreement, with the pact set to be signed when both sides consider the timing appropriate, Commerce Secretary Rajesh Agrawal said on Monday.
Speaking on the progress of negotiations, Agrawal said discussions between the two countries have reached an advanced stage and that he does not anticipate any major hurdles to concluding the agreement.
He added that Commerce and Industry Minister Piyush Goyal has also indicated that the deal is awaiting the right moment for formalisation.
The proposed agreement is expected to provide a comprehensive framework for expanding market access, boosting bilateral trade and strengthening cooperation across sectors such as manufacturing, technology, energy and services.
ALSO READ : India's June Trade Deficit Stands At $30.4 Billion; Quarterly Exports Peak To Highest
It also comes as both countries look to diversify supply chains and deepen their strategic economic partnership.
Addressing concerns over US tariff actions, Agrawal said Washington is currently conducting investigations under Section 301, including probes into forced labour and industrial overcapacity.
He said the forced labour investigation is at an advanced stage, with a draft report expected soon, while the overcapacity probe is likely to take another four to six weeks before a draft is released.
Agrawal said the trade agreement is expected to provide a mechanism to address such issues, ensuring that future tariff-related challenges can be managed through an agreed framework.
"When a trade deal is signed, it should not be followed by new tariffs," he said.
He also noted that India has steadily increased its energy imports from the US, reflecting the growing economic engagement between the two nations..
The US is expected to decide its course on tariffs after July 24, when the current 10% tariff regime is due to expire. Agrawal said the decision on future tariff measures rests entirely with the US administration.
ALSO READ : 'India's Q1 Exports To Grow 15%': Piyush Goyal Says US Trade Deal Nears Finish Line
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
