📷 Image: Wikimedia Commons / Ministry of Commerce and Industry (India)
International
India, US Finalise First Phase of Trade Pact; Legal Drafting Commences
✍️ The Economic Times
🗓 16 Oct 2026, 04:17 AM
👁 15
India and the United States have completed the first phase of a comprehensive trade agreement, with officials confirming that the legal drafting process is now underway.
On Thursday, Commerce Minister Piyush Goyal announced that the first phase of the India‑US trade pact has been finalized, marking a significant milestone in the two‑country trade relationship.
The agreement covers a broad range of areas, including tariff reductions on goods, increased access to services markets, and provisions for e‑commerce and intellectual property protection.
Following the finalization, the next step is legal drafting. The Indian and U.S. teams are now working on the formal text, with a target to complete the legal framework within the next few months.
Experts say the pact will boost bilateral trade volumes and create new opportunities for Indian exporters, while also strengthening economic ties between the two democracies.
The agreement covers a broad range of areas, including tariff reductions on goods, increased access to services markets, and provisions for e‑commerce and intellectual property protection.
Following the finalization, the next step is legal drafting. The Indian and U.S. teams are now working on the formal text, with a target to complete the legal framework within the next few months.
Experts say the pact will boost bilateral trade volumes and create new opportunities for Indian exporters, while also strengthening economic ties between the two democracies.