India-US trade deal first tranche expected soon as key issues settled: Piyush Goyal

All major points regarding the India-US trade deal have been resolved, and the final tranche will soon be signed, Union Commerce and Industry Minister Piyush Goyal said on Monday (June 1).

Deal nearing completion

Speaking to reporters, the Union Minister pointed out that US Ambassador to India Sergio Gor had earlier said that 99 per cent of the details regarding the India-US trade deal have been finalised, adding that he was hopeful that the first tranche of the deal would be signed at the earliest possible.

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"The leaders of both nations had already announced the framework agreement back on February 3rd. All the major points have been settled. US Ambassador to India, Sergio Gor, recently stated that 99% of the details have been finalised... I am fully confident that we will conclude the first tranche of the bilateral trade agreement with the US as soon as possible," said Goyal.

Fresh talks scheduled

His remarks come ahead of scheduled fresh talks between India and the US. A US delegation led by Assistant US Trade Representative Brendan Lynch will arrive in India. According to Goyal, the meeting between the two sides will be held from June 2 to 4.

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“As Secretary Rubio stated during his recent visit to India, the US government is seeking a trade agreement between the United States and India that will be enduring, beneficial, and sustainable for both countries,” stated the spokesperson as quoted by the Hindustan Times.

Final 1 per cent under discussion

Last week, Gor said that only a small portion of the proposed trade agreement remains unresolved, noting that 99 per cent of the pact has already been completed.

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“Our current interim trade agreement is on the table for us to finalise and that will unlock prosperity for both of our countries… India had sent a team to Washington DC to finalise the last 1 per cent of that trade deal,” Gor said, while speaking on the theme “US-India TRUST Initiative: Advancing partnership in research and innovation”.

Comparison with EU talks

The envoy had also, earlier in May, drawn a comparison between the ongoing India-US trade negotiations and India's free trade agreement discussions with the European Union.

According to Gor, negotiations between New Delhi and Washington have progressed within a period of around one-and-a-half years, in contrast to the "19 years with the European Union."

Tariffs part of negotiations

Earlier, Goyal had said that the tariff framework governing trade between the two countries would be addressed as part of the agreement.

India had been subject to tariffs amounting to 50 per cent imposed by the US. President Donald Trump had stated that half of the levy, amounting to 25 per cent, was linked to what Washington described as India's high tariff barriers on US goods. The remaining 25 per cent was imposed as a penalty over India's continued purchases of Russian crude oil during the conflict in Ukraine.

Also Read: Details of India-US interim trade deal: Which sectors benefit, what’s protected

Following the announcement of the trade agreement framework in February 2026, however, the US indicated that tariffs on Indian goods would be brought down to a final rate of 18 per cent.

"The trade deal India is negotiating with the US will take into account legal changes in Washington's tariff structure," said Goyal as quoted by Reuters.