India says trade deal with US to be finalized soon

India and the US are almost done concluding the first tranche of a bilateral trade deal, according to the Indian commerce minister.

The leaders of both nations had announced the agreement framework earlier this year, Piyush Goyal told reporters in Delhi late Monday.

“All the major points have been settled. US Ambassador to India Sergio Gor said that 99% of the deal is ready. Small commas and full stops are being discussed,” he said.

Goyal said he has complete faith that even with the US, “we will finish the first tranche of the bilateral trade agreement as soon as possible,” he said.

The remarks by Goyal came as a US trade delegation arrived in India for talks.

Indian External Affairs Ministry spokesman Randhir Jaiswal said last week that a US trade delegation will take the negotiations forward, noting: “So far, we've had a positive and constructive engagement.”

Goyal also said negotiators were examining how legal changes in the US are reflected in the agreement.

"The legal changes that were made in the US during the finalization of the deal, how to reflect them in the final agreement, how to make changes according to it, I am confident that we will finish the first tranche of the bilateral trade agreement with the US as soon as possible," he said.

The US and India announced in February that they had reached terms on an interim framework deal to end a bilateral trade dispute.

Last year, tensions escalated between the two countries over 50% tariffs imposed on Indian goods by US President Donald Trump's administration, partly for purchasing Russian oil amid the ongoing Moscow-Kyiv war.

US Secretary of State Marco Rubio last month said India had "committed to purchasing $500 billion in US goods over the next five years, focusing on energy, technology, and agriculture."

The bilateral trade between the two nations, which maintain a comprehensive global strategic partnership, totaled around $149.4 billion in 2025, according to officials.