India and the United States are close to finalising a bilateral trade deal with both sides converging on most issues, said a government official on Friday.
The talks, according to the government official, are progressing well and no new issues are hindering the negotiations.
“The negotiators of both countries are sorting out the language of the agreement. There are not many differences left for resolution,” added the government official, hinting that a trade agreement is likely soon.
The development comes a day after negotiators of India and the US held a virtual meeting to discuss the modalities of the agreement.
So far, India and the US have held five rounds of trade talks since March. The bilateral trade agreement, which was announced by the leaders of both countries, aims to more than double the bilateral trade from the current USD 191 billion to USD 500 billion by 2030.
The first phase of the trade pact was initially expected to be inked by the fall of 2025, but US President Donald Trump’s imposition of punitive tariffs on India over Russian oil purchases hindered the negotiations.
Earlier in the day, Union Commerce Minister Piyush Goyal made it clear that India will not sign a trade deal in a hurry or with a gun to its head.
Speaking at the Berlin Global Dialogue, Goyal stressed that for India, a trade deal is not only about tariffs but a long-term vision.
“India will not sign any trade deal in a hurry,” Goyal said while referring to the ongoing talks with the US.
Goyal further stated that trade deals are for a longer duration. “It’s not only about tariffs, it’s also about trust and a relationship. Trade deals are also about businesses,” he said.