Piyush Goyal said on Thursday that the first tranche of the India‑US trade pact has been finalized and is now entering the legal drafting stage.
The minister added that the agreement will be operationalized once India secures a competitive advantage over its peers. He also noted that the India‑EU free‑trade talks are set to sign an agreement in December, with implementation expected in February or March 2026.
US Ambassador Sergio Gor echoed the optimism, saying the two countries have cleared the major items on the trade deal checklist and described the pace as “incredible.” He also briefed on a Senate bill that would give the president authority to sanction nations involved in Russian oil and gas transactions, a measure that received 86 votes out of 100.
Gor clarified that the sanctions provision is not aimed at any single country, including India, and that the goal is to curb war‑related transactions. He said a presidential decision on the matter is expected within the next ten days.
The next step for the trade agreement will be the Senate’s review of the sanctions bill, after which the Indian government will continue negotiations to finalize the legal details.