๐๐ป๐ฑ๐ถ๐ฎ-๐จ๐ฆ ๐ง๐ฟ๐ฎ๐ฑ๐ฒ ๐๐ฒ๐ฎ๐น ๐๐ถ๐ฟ๐๐ ๐ฃ๐ต๐ฎ๐๐ฒ ๐๐ถ๐ธ๐ฒ๐น๐ ๐๐ ๐ก๐ฒ๐ ๐ ๐ ๐ผ๐ป๐๐ต
Commerce Minister Piyush Goyal said on Friday India and the US expect to finalize the first phase of their trade agreement by the middle of next month.
US officials visited New Delhi from June 2 to June 4. They held detailed talks with Indian officials. Goyal met with the US team on Thursday. He said both sides are moving fast to close all open ends.
Key updates from the minister:
- The first tranche of the bilateral trade agreement gives India preferential access over competitors
- A senior-level US delegation is expected to visit India later this month to continue trade talks
The announcement comes as the US Trade Representative proposed a 12.5% tariff on imports from 54 countries, including India. The proposal cites concerns about forced labor in supply chains.
The USTR is also expected to release findings from a second investigation into excess manufacturing capacity in 16 countries, including India. This probe is expected to form the basis for a new tariff regime after the temporary 10% tariff expires on July 24.
India's Ministry of Commerce said the government continues to engage with the US on Section 301 proceedings. Indian officials and industry groups rejected the forced labor allegations. They told the USTR the concerns are already covered by international rules.
Officials said India has prepared for potential additional Section 301 tariffs. The government held multiple rounds of talks with US officials over recent months. India remains open to a negotiated tariff arrangement if the terms give India a competitive edge over other exporting nations.
Discussions are also moving forward on the framework agreement announced on February 2, 2026, and the joint statement issued on February 7, 2026.