Commerce and Industry Minister Piyush Goyal announced today that India and the United States have finalized most elements of the first phase of their Bilateral Trade Agreement, with only minor technical issues left to resolve.
Negotiators from both sides are meeting in New Delhi from June 2–4, 2026, to finalize the legal text of the agreement, which is expected to be signed soon.
Under the framework agreed earlier this year, the US will reduce tariffs on Indian goods from 50% to 18%, remove the 25% tariff linked to Russian oil purchases, and cut the remaining 25% tariff to 18%.
The interim agreement covers market access, non-tariff measures, customs facilitation, investment promotion, and supply-chain cooperation, laying the foundation for a comprehensive Bilateral Trade Agreement in the future.
Goyal emphasized that 99% of the deal is complete, describing the pending matters as “commas and full stops,” signaling that both nations are close to a breakthrough in trade relations.
