India-US Trade Deal Nears First Phase Completion, Piyush Goyal Says Initial Pact May Be Signed By Mid-July
India and the US are close to finalising the first phase of their bilateral trade agreement, Commerce Minister Piyush Goyal said. The initial pact is expected by mid-July and could give Indian exporters better market access. Another high-level US delegation is likely to visit India later this month.
India, US Move Closer To Trade Agreement. |
Mumbai: India and the United States are moving quickly towards finalising the first phase of their proposed bilateral trade agreement. Commerce and Industry Minister Piyush Goyal said both countries are working to resolve the remaining issues and are making steady progress.
Speaking to reporters in Visakhapatnam on Friday, Goyal said discussions between the two sides have been positive and constructive.
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First Phase May Be Signed By Mid-July
According to the minister, the first tranche of the agreement could be executed by the middle of next month.
He described the upcoming deal as a “very vibrant” first phase that would strengthen trade ties between the two countries.
Goyal said the agreement is expected to provide India with preferential market access compared to competing countries, creating new opportunities for Indian businesses and exporters.
Recent Talks Held In New Delhi
A US trade delegation visited New Delhi from June 2 to June 4 to hold discussions with Indian officials on the proposed agreement.
The meetings focused on resolving pending issues and advancing negotiations.
Goyal also met members of the US delegation and reviewed the progress made during the talks.
More High-Level Engagement Expected
The minister said another senior US team is expected to visit India towards the end of June.
The upcoming visit is likely to help both countries finalise the remaining details before signing the first phase of the agreement.
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Boost For Trade And Investment
The India-US trade pact is expected to improve market access, encourage investments and strengthen economic cooperation between the two countries.
Both governments have repeatedly expressed their commitment to expanding bilateral trade and creating a framework that benefits businesses on both sides.
The proposed agreement is being closely watched by industry groups as it could open new growth opportunities and deepen commercial ties between the world's two largest democracies.
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