New Delhi: India and the United States have finalised most parts of the legal text for the first phase of their proposed bilateral trade agreement (BTA),
Commerce and Industry Minister Piyush Goyal said on Monday. However, the deal will be signed only after there is clarity on how the US plans to impose tariffs once the current 10% levy expires next month. Negotiations are now focused on minor legal details, while both sides await a clearer picture of the Trump administration's new tariff framework. India is seeking assurances that its exports will continue to enjoy a tariff advantage over competing countries. The concern stems from possible US action under Section 301, a trade law under which India is currently facing two investigations along with several other nations. Also Read: Trade Deal With India Expected Soon, Says US Ambassador One investigation relates to alleged structural overcapacity in sectors such as solar modules, processed food, steel and aluminium. The second concerns allegations that some countries have failed to act against forced labour. US Trade Representative Jamieson Greer is expected to visit India once Washington finalises its new tariff mechanism. The earlier "reciprocal tariffs" introduced by US President Donald Trump were struck down after the US Supreme Court ruled that the emergency powers used to impose them were unlawful. Officials are working to keep the trade agreement text ready so that tariff rates can be finalised once the new US system is in place. India and the US had agreed on an interim trade framework in February, but progress slowed after the court ruling. Meanwhile, American trade negotiators are in New Delhi for a three-day round of talks beginning Tuesday. “...mostly everything is finalised. As you know, US Ambassador Sergio (Gor) said that 99% of the things have been finalised. Discussions are going on about small issues, commas and full stops. While finalising, how will the legal changes that have taken place in the US be reflected in the final agreement, and what kind of changes will be made accordingly. After finalising that, I am fully confident that, with the US, we will conclude the first tranche of the BTA as soon as possible, sign it and start further discussions on how to have a more comprehensive BTA,” Goyal told reporters. The US remains India's largest export market, with Indian goods exports worth $87 billion last year. It is also India's second-largest trading partner, with total bilateral trade reaching $140 billion. India recorded a trade surplus of more than $33 billion.
