Sergio Gor, the U.S. ambassador to India, said on Thursday that the long‑stalled India‑U.S. trade deal is "very close" to being signed, after a Supreme Court ruling forced a rewrite of key tariff provisions. The ambassador, a close aide of former President Donald Trump, emphasized that both sides are eager and confident the pact will be finalized.
Piyush Goyal, India’s Commerce Minister, confirmed that the first tranche of the agreement is currently in legal drafting, with officials working to finalize the contours of tariff reductions and non‑tariff barriers. Goyal noted that the agreement is part of a broader push to secure a $500 billion trade target within three years, a goal that would more than double the current $250 billion bilateral trade volume.
Gor highlighted how the U.S. Supreme Court’s 2024 decision struck down Trump‑era tariffs, necessitating the recent rewrite. He added that the new trade framework will replace the punitive tariffs imposed last year, which had strained ties and prompted calls for clearer market access for Indian goods.
The U.S. side has also pointed to a $20 billion influx of new investments over the past year, surpassing other U.S. missions in India. Meanwhile, the U.S. Congress has moved to adjust H‑1B visa fees and green‑card processing rules, measures that have impacted Indian IT firms such as Tata Consultancy Services and Wipro.
The next step is the approval of the drafted tranche by both governments, expected later this month, after which the agreement will be operationalized and India‑U.S. trade flows will move toward the $500 billion goal. A joint committee is slated to meet in early November to sign the final document.