India and the United States have reached a stage of “refining” the proposed bilateral trade pact, Commerce and Industry Minister Piyush Goyal said on Monday, as most talks over tariff woes seem to be coming together.
Goyal, in his address at the India-Netherlands Business Forum in The Hague today, said that the discussions were in an advanced stage and most of the important ones were over. He is on a business trip in The Netherlands for 2 days.
Trade Negotiations Near Final Stage
It comes days after US Secretary of State Marco Rubio said just a few things were outstanding. Rubio said he was hopeful the agreement could be completed next “soon” and then the leaders of the two nations could sign it.
The latest comments from both sides suggest that negotiations are approaching their final stage. Still, both sides are yet to reveal a signed agreement or date for it to be finalized.
The finalisation of the first phase of Indian-U.S. bilateral trade deal is announced in February. The latest tariff maneuver in the United States raised doubts on the deal, inviting more talks.
India Expands Global Trade Engagement
In his speech in The Hague, Goyal also remarked on India’s increased interaction with its foreign trading partners. In the last four and half years, India has reached nine free trade agreements, he added.
The pacts are part of India’s bigger development initiatives to boost market access, bolster economic linkages, and expand trade potential for local companies.
Commercial ties between the two economies could be further influenced by a trade deal with the United States, which is still being negotiated.
While most negotiations are reportedly finished, the outstanding issues and resolving the agreement will now be placed on the table. The final outcome will depend on the results of the negotiations and formal approval by the both governments.