India-US trade deal: First phase finalised, legal drafting under way, says Piyush Goyal
India and the US have finalized the first phase of a bilateral trade deal, moving it into the legal drafting stage. Additionally, the US is considering potential sanctions on countries purchasing Russian oil and gas, though officials clarify these measures are not specifically targeted at India.
Why it matters
This deal represents a significant shift in India-US economic relations and highlights the delicate balance India must maintain regarding its energy imports amid global geopolitical tensions.
The much-awaited India-US trade deal has cleared its first phase and moved to the legal drafting stage, commerce and industry minister Piyush Goyal said on Thursday.He said that the pact would be operationalised once India gains a competitive advantage over its peer countries. The minister further expressed hope that the process would be completed soon."US bilateral trade agreement's first tranche has been finalised and it is going through final contours, the legal drafting and we hope to be able to finalise that soon and operationalise that once we get the competitive advantage over our peer countries," Goyal said.The minister also provided an update on India's trade negotiations with the European Union, saying that the free trade agreement would be signed in December and is expected to take effect in February or March next year.Earlier in the day, US Ambassador to India Sergio Gor also said that the two nations have…
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