NEW DELHI: India and US have finalised most elements of the legal text of the first tranche of the bilateral trade agreement, with negotiations now focused on “commas and full stops”, commerce and industry minister Piyush Goyal said Monday, but the treaty, in the works for 15 months, will only be sealed after there is clarity on how the Trump administration deals with the tariff mechanism once the current 10% levy goes away next month.While US is expected to rely on Section 301, under which India faces two probes, along with several other countries, govt wants to ensure that exports from the country retain tariff advantage compared with rival nations. $140bn trade ties moves closer to new framework agreementSeparately, India has questioned the investigations under Section 301 with one related to structural overcapacity in sectors such as solar modules, processed food, steel and aluminium in 15 countries. The second one relates to failure to act against forced labour by several countries.US trade representative Jamieson Greer is expected to visit India once there is clarity on the new mechanism as the earlier “reciprocal tariffs” imposed by Donald Trump, using emergency provision, were junked after the US Supreme Court termed it illegal. The idea seems to be to keep the text of the treaty ready and once the new tariffs are finalised, the rates will be worked out.India and US had agreed to an interim framework in early Feb, but had to put it on hold in the wake of the court ruling. American trade negotiators are in the capital with three-day talks scheduled to start 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.US is India’s largest export destination with goods worth $87 billion shipped last year, and second largest trading partner with two-way trade of $140 billion. India had trade surplus of over $33 billion.End of ArticleFollow Us On Social MediaVideos’Apologise Immediately’: Nepal Opposition Rips Into PM Balen Shah Over India Border RemarkAfter Amit Shah Meeting, Annamalai Exit Speculation Grows As New Party Talk IntensifiesCBSE-Coempt Dispute Escalates Amid Conflict Of Interest Claims And Strong Denials’Even Hitler Did Not…’: Mamata Slams BJP Over ‘Police Raj’ In Bengal, Attack On Abhishek Banerjee’Cooker Only’ Audio Row Deepens Congress Rift As Zameer Denies Viral Recording Claims | WatchSanjay Singh Confronts Police Officials During Student Interaction Over Exam Paper LeaksMonkey Snatches ₹2 Lakh Bag In UP Court, Climbs Tree And Showers Currency Notes From AboveIndia-US Trade Deal Nears Finish Line, First Tranche May Be Signed Soon: Piyush GoyalTMC Expels Two MLAs, Ritabrata Banerjee And Sandipan Saha, Amid Signature Mismatch RowRahul Gandhi flags ‘phone-scanned’ answer sheets as CBSE-OSM tender row deepens123PhotostoriesOut of the shadows: The Women who made Madhubani art globalTracing the Indian Art forms that conquered the worldCucumber (Kheera) vs Snake Cucumber (Kakdi): Which is more hydrating and how much to consume dailyKatrina Kaif’s post-pregnancy style era is here, and it starts with a killer black overcoatHollywood’s ugliest custody battles: From Brad Pitt and Angelina Jolie to Rob Kardashian and Blac ChynaIs Anushka Sharma’s white ensemble RCB’s new lucky charm? A throwback to her 2025 IPL finale lookTop 10 Indian cities where property prices have risen the most in 2026From the elite class’s hobby to contemporary decorative: How did bonsai making turn into a modern-day art form?Love quote of the day by Louis de Bernières: ‘Love is not breathlessness; it’s not excitement’How Ranveer Singh and Farhan Akhtar’s friendship exploded over ‘Don 3’: Inside Rs 45 crore fallout that led to FWICE directive123Hot PicksVirat KohliTim David IPL FineVinod KhoslaAbhijeet DipkeMike Vrabel and Dianna ScandalShiva SenaLauren FryerTop TrendingMamata BanerjeeDelhi ITO FireWWE Clash Results and HighlightsGavin Yates-LyonsNorway ChessSupreme CourtMumbai Air India ColonyBSEB Bihar Sakashmta Pariksha Admit CardNTANEET Paper Leak
NEW DELHI: India and US have finalised most elements of the legal text of the first tranche of the bilateral trade agreement, with negotiations now focused on “commas and full stops”, commerce and industry minister Piyush Goyal said Monday, but the treaty, in the works for 15 months, will only be sealed after there is clarity on how the Trump administration deals with the tariff mechanism once the current 10% levy goes away next month.While US is expected to rely on Section 301, under which India faces two probes, along with several other countries, govt wants to ensure that exports from the country retain tariff advantage compared with rival nations. $140bn trade ties moves closer to new framework agreementSeparately, India has questioned the investigations under Section 301 with one related to structural overcapacity in sectors such as solar modules, processed food, steel and aluminium in 15 countries. The second one relates to failure to act against forced labour by several countries.US trade representative Jamieson Greer is expected to visit India once there is clarity on the new mechanism as the earlier “reciprocal tariffs” imposed by Donald Trump, using emergency provision, were junked after the US Supreme Court termed it illegal. The idea seems to be to keep the text of the treaty ready and once the new tariffs are finalised, the rates will be worked out.India and US had agreed to an interim framework in early Feb, but had to put it on hold in the wake of the court ruling. American trade negotiators are in the capital with three-day talks scheduled to start 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.US is India’s largest export destination with goods worth $87 billion shipped last year, and second largest trading partner with two-way trade of $140 billion. India had trade surplus of over $33 billion.
