US delegation in India; first tranche of trade deal will be concluded ‘as soon as possible’, says Goyal

“As far as the US team is concerned, some people have come, some will come tonight,” Goyal said during the announcement of the India-Oman CEPA. Goyal also recalled the remarks of the US Ambassador to India that 99 per cent of the details of the Interim Trade Agreement have been finalised.

“As far as the US team is concerned, some members have already arrived, while others are arriving tonight. Our meetings are scheduled for 2,3 and 4 June. The leaders of both nations had already announced the framework agreement back on February 3. All the major points have been settled,” Goyal said.

“US Ambassador to India, Sergio Gor, recently stated that 99% of the details have been finalised… Small commas and full stops are being discussed. While finalising, the changes that came there, the legal changes that came in the US, how to reflect that in the final agreement, how to change accordingly, after deciding that…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,” he added, according to news agency ANI.

A high-level delegation from the US reached the national capital this morning. Led by Chief Negotiator Brendan Lynch, the American team will chalk out the discussions to finalise an interim agreement over the next four days. The matter gained additional urgency after the US Supreme Court deemed the sweeping reciprocal tariffs announced by President Donald Trump illegal in February.

“It is proposed to finalise the details of the interim agreement and take forward the negotiations under the broader BTA on multiple areas such as market access, non-tariff measures, customs and trade facilitation, investment promotion, economic security alignment,” the Commerce Ministry said in a recent statement.

The visiting American team will engage with the Indian delegation led by Darpan Jain, the Additional Secretary in the Department of Commerce. He is the chief negotiator for the Indian side.

‘Illegal’ Trump tariffs spark urgency

According to a source-based Indian Express report, there is a growing sense of urgency after the Supreme Court verdict against Trump. A new tariff architecture is likely to replace the reciprocal tariffs announced by the President — with new rates under Section 301 coming into effect on July 24.

The Commerce Ministry confirmed last week that the high-level delegation would visit to iron out the remaining clauses of the proposed bilateral agreement. The announcement came mere weeks after an Indian delegation headed by Jain visited Washington, DC for in-person meetings with their American counterparts. This momentum also builds upon a Joint Statement issued by India and the United States in early February to announce the framework for an Interim Agreement and reaffirm their commitment to the comprehensive BTA.

Bilateral negotiations have now entered their final stretch — with both nations on the verge of concluding the interim trade agreement. But the changed tariff landscape in the United States may prompt both sides to revisit the agreement’s framework.

Deal likely ‘over next few weeks and months’: US officials

US officials suggested that a formal agreement with India was imminent — predicting more meetings as trade representatives work to sign the deal “over the next few weeks and months”. Ambassador Sergio Gor also noted during the US-India TRUST Initiative event on Friday that India had sent a team to Washington DC “to finalise the last 1% of that trade deal” a few days ago. He added that the delegation led by Lynch would “continue those talks” in Delhi.

“Our current interim trade agreement is on the table for us to finalise…that will unlock prosperity for both of our countries…We fully expect that the trade deal will be signed over the next few weeks and months,” Gor said over the weekend.

“President Trump has made no secret that trade is a priority for the United States, and having balanced trade relationships makes the bilateral relationship between our countries all the more stronger and allows us to realise that full economic potential, unleash that economic potential of that balanced trade relationship between our two countries. We expect further meetings on this from USTR (US Trade Representatives) in the short term here,” State Department Spokesperson Tommy Pigott told ANI on Saturday.