Mumbai: India and the United States have settled 99 percent of outstanding matters for an interim trade pact and expect to complete it within weeks, according to US Ambassador Sergio Gor on Wednesday. He expressed optimism that the agreement would be reached in the coming weeks rather than years, noting the two sides are very near completion. The remarks were made at a conference in Mumbai. Earlier in February, both nations released a joint statement describing the outline of the initial phase of a bilateral trade agreement. They must now turn that outline into a binding legal document. These statements occur amid ongoing trade tensions. On Tuesday, the US Trade Representative proposed measures against 60 economies, including India, after reviews under Section 301 of US trade law. The representative concluded that the policies of these economies unreasonably burden US commerce. India is listed among 54 economies accused of failing to ban imports produced with forced labor, alongside nations such as Australia, China, Japan, and the United Kingdom. The timing is delicate as both countries pursue the first part of their bilateral trade deal. Negotiators have discussed market access, tariffs, digital trade, and agriculture. The proposed actions follow months of friction from reciprocal tariff policies, though some measures were paused for talks. India seeks a balanced agreement that safeguards key domestic areas. Gor stated the actions were applied worldwide and not aimed solely at India. He noted the interim deal gives India better terms than many neighbors. He downplayed concerns over delays, comparing the process to the European Union agreement with India that took 19 years. Remaining issues involve technical details such as legal wording and timelines. He emphasized that US President Donald Trump values ties with India and its leadership. Bilateral trade has grown elevenfold in two decades, rising from 20 billion to 220 billion dollars in goods and services.
