India and US Finalize First Phase of Trade Deal

The first phase of a trade agreement between India and the United States has been finalised, according to Union Commerce and Industry Minister Piyush Goyal. Speaking on Thursday, the minister confirmed that the deal has now moved into the legal drafting stage. While the specific contours of the agreement are being formalised, the government intends to operationalise the pact once India secures a competitive advantage over its peer nations.

US Ambassador to India Sergio Gor corroborated the progress of the negotiations, describing the pace of the talks as incredible. He noted that both nations have successfully cleared the major items on their trade deal checklist. Officials expressed optimism that the finalisation of the agreement would be completed in the near future.

In addition to the US trade pact, Minister Goyal provided an update regarding ongoing negotiations with the European Union. He stated that a free trade agreement with the EU is scheduled to be signed in December. Following the signing, the agreement is expected to come into force by February or March of next year.

During the same briefing, Ambassador Gor addressed potential US legislation concerning sanctions on countries that purchase Russian oil and gas or assist in evading existing sanctions. The legislation, which recently passed in the US Senate with 86 votes, grants the President the authority to impose such measures. Gor indicated that President Donald Trump is expected to make a decision regarding this matter within the next ten days.