India and the U.S. are close to finalising a long-awaited trade agreement, Indian Trade Minister Piyush Goyal said on Thursday after the latest round of negotiations with U.S. Trade Representative Jamieson Greer.
Greer concluded a two-day visit to New Delhi on Wednesday for talks aimed at securing a deal widely seen as key to strengthening economic ties between the two countries.
Speaking at an event in London, Goyal said negotiations were nearing completion, adding that the agreement now depended on Washington establishing the legal framework needed to give India tariff advantages over competing Asian economies.
"The day that happens, the deal is on," Goyal said.
India has been seeking lower tariffs on its exports than those imposed on goods from rival manufacturing hubs, while the U.S. has pressed New Delhi to increase imports of American products and further reduce trade barriers.
The two countries reached a preliminary understanding in February that included an 18% tariff on Indian goods in exchange for greater market access for U.S. exports. At the time, the proposed tariff was lower than those applied to competitors such as Bangladesh and Vietnam.
However, progress stalled after the U.S. Supreme Court invalidated President Donald Trump's sweeping global tariff policy, creating uncertainty over the legal basis for the agreement.
Negotiations have also been complicated by an ongoing Section 301 investigation by the Office of the U.S. Trade Representative into alleged overcapacity and forced labour in India and several other countries.
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