India-US Trade Pact To Signal US Tariff Modifications: Union Commerce Minister Piyush Goyal

Ahead of trade talks between the US delegation and India, Union Commerce Minister Piyush Goyal the trade deal negotiations will take into account legal changes in the US tariff structure, citing a Reuters report. 

Large parts of the agreement have been finalised and a "few final details" are being discussed, he said

Further, he said that several members of the US team have arrived and meetings are slated to begin from Tuesday, June 2.

"As far as the US team is concerned, some members have already arrived, while others are arriving tonight. Our meetings are scheduled for June 2,3 and 4th," he added.

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On the completion of the India-US trade pact, he said, "I am fully confident that we will conclude the first tranche of the bilateral trade agreement with the US as soon as possible. We will sign it and then proceed to initiate further discussions on how to formulate an even more comprehensive bilateral trade agreement moving forward."

This statement comes after the US Ambassador Sergio Gor said that 99% of the India-US trade deal details have been finalised. 

Last week, India had sent a team to Washington DC to finalise the last 1% of that trade deal. 

“Next week we will welcome a US delegation here to continue those talks. We fully expect that the trade deal will be signed over the next few weeks and months,” Gor said.

Notably, the trade in goods and services between the two countries had climbed from $20 billion to surpass the $220 billion mark over the last two decades.