Union Commerce and Industry Minister Piyush Goyal announced that India is nearing the completion of the first phase of its trade agreement with the United States. He highlighted that most significant issues have been resolved, with US Ambassador to India Sergio Gor affirming that '99 percent of the details' of the Interim Trade Agreement are finalized. Some members of the US delegation have already arrived in India, with further meetings scheduled for June 2, 3, and 4. Goyal expressed confidence that the first tranche of the bilateral trade agreement would be signed soon, paving the way for broader discussions on a more comprehensive deal. Key topics for negotiation include tariff relief from US Section 301 investigations and ensuring preferential access among competitors. The ongoing talks build on a previous Indian delegation visit to Washington and follow a Joint Statement issued in February 2026 outlining a framework for reciprocal trade. With bilateral trade increasing significantly over the past two decades, both nations are eager to finalize the first tranche quickly.