India-US trade deal first phase finalised, legal drafting underway

Commerce and Industry Minister Piyush Goyal said Tuesday that the opening phase of a comprehensive trade deal between India and the United States has been concluded, with officials now engaged in finalising the legal architecture of the agreement. The minister did not specify a timeline for completion of the legal drafting process or when the agreement would be formally signed.

The trade negotiations between New Delhi and Washington have been ongoing for over two years, with both nations seeking to deepen commercial ties and resolve long-standing trade grievances. The phased approach to the agreement reflects the complexity of negotiations covering goods, services, and intellectual property protections.

In related developments, Goyal confirmed that India's free trade agreement with the European Union is on track for finalisation in December, following several rounds of intensive negotiations. The minister indicated that the agreement would enter into force in February or March of the following year, pending necessary ratification procedures by both sides.

The EU-India trade pact has been under negotiation since 2007 and covers tariff reduction on goods and services trade between the world's largest and fifth-largest economies respectively. Both agreements are viewed as significant steps in India's broader strategy to strengthen economic partnerships with developed nations.