India, US Near Interim Trade Deal; Agreement Expected in Coming Weeks: Ambassador Garcetti

Bilateral negotiations enter final stage as both sides work to conclude remaining elements of the proposed interim trade agreement

India-US Trade Talks Reach Final Phase

India and the United States have reached the concluding stage of negotiations for a much-anticipated interim trade agreement, which is expected to be signed within the coming weeks or months, according to US Ambassador to India Eric Garcetti.

Speaking at the US-India TRUST initiative event at the Indian Institute of Technology (IIT) Delhi on 29 May, Garcetti said bilateral discussions had entered the final stage.

“Just last week, India had sent a team to Washington DC to finalise the last 1 per cent of that trade deal. Next week we will welcome a US delegation here to continue those talks,” he said.

“We fully expect that the trade deal will be signed over the next few weeks and months,” the ambassador added.

His remarks came after India’s Commerce Ministry announced that a high-level US trade delegation would visit India from 1 to 4 June to finalise the remaining clauses of the proposed bilateral agreement.

Trade and Investment Links Expand

Highlighting the growing economic relationship between the two countries, Garcetti noted that bilateral trade in goods and services has increased from around USD 20 billion to more than USD 220 billion over the past two decades.

Referring to India’s expanding strategic importance, he said Washington now views New Delhi as a key partner in both economic and geopolitical matters.

“The importance of India is now not only economically but strategically to the world,” he said.

Garcetti also stated that the TRUST (Transforming the Relationship Utilizing Strategic Technologies) initiative, launched during Prime Minister Narendra Modi’s visit to Washington earlier this year, is strengthening cooperation in critical and emerging technologies. These areas include artificial intelligence, semiconductors, quantum computing, biotechnology, energy and space.

He said the United States is prioritising partnerships with trusted nations in emerging technology sectors and described India as one of Washington’s most reliable collaborators.

Piyush Goyal Holds Meetings With US Business Leaders

Meanwhile, Commerce and Industry Minister Piyush Goyal engaged with leading corporate executives in New York during a transit stop, focusing on strengthening India-US trade and investment ties.

The discussions centred on expanding commercial and investment cooperation and creating additional opportunities for global businesses in India. Areas covered during the meetings included financial services, healthcare, digital payments, manufacturing, innovation, artificial intelligence and other emerging technologies.

The interactions also highlighted India’s position as a global investment destination and explored opportunities to deepen cooperation across multiple sectors.