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- INTEREST37.00%-1.00
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- October 17, 202614°
- BIST10011,722-2.89%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,181.10+0.26%
- INTEREST37.00%-1.00
- BITCOIN81,450-0.06%
- October 17, 202614°
India-US trade deal enters legal drafting after first phase is completed
India’s Commerce Minister Piyush Goyal said at an event in New Delhi that the first phase of the trade deal between India and the United States had been completed and that the legal drafting process had begun. Bilateral trade, which reached approximately $149.4 billion in 2025, had been strained by 50% tariffs imposed on Indian products last year.
First phase of deal moves into legal drafting
The first phase of the trade deal between India and the United States has been completed, and preparations for the relevant legal text have begun. India’s Commerce Minister Piyush Goyal outlined the progress of the process at an event in New Delhi.
Goyal said the first phase had reached its final form and that legal work was continuing. The minister said they hoped to complete the text soon and bring it into force after India secured a comparative or competitive advantage over rival countries.
First part of interim framework is being converted into legal text
India and the United States announced in February that they had reached agreement on an interim framework aimed at resolving trade disputes between the two countries. The latest work involves turning the first part of that framework into a legal text.
Tariffs heightened tensions
Trade tensions in bilateral relations had intensified after 50% tariffs were imposed on Indian products last year. The decision to impose the tariffs was also said to have been influenced by India’s continued purchases of oil from Russia.
Total bilateral trade between India and the United States reached approximately $149.4 billion in 2025. The two countries continue to maintain a comprehensive global strategic partnership.
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