NEW DELHI: The India-US trade negotiations have consistently unfolded with late-night developments, and Monday evening proved no exception. Just as commerce department officials were concluding their workday, following the recent finalization of the EU trade agreement, US President Donald Trump made a significant announcement. He revealed that a broad understanding on the contours of a trade deal had been reached during his telephone conversation with Prime Minister Narendra Modi.
Unexpected Announcement Sparks Official Activity
The call between the two leaders generated immediate speculation about a potential announcement, though its exact nature remained unclear initially. For several weeks, Indian officials had maintained that the trade talks were progressing positively, with both sides actively engaged in discussions. While the agreement had largely been finalized at the official level, there was no definitive timeline for when it would be publicly disclosed.
Next Steps in the Trade Agreement Process
Following the public statements from Trump and Modi, officials have swiftly moved to address the subsequent steps. Commerce and Industry Minister Piyush Goyal announced on Tuesday that a joint statement detailing the agreement will be released in the near future. According to sources within the department, this statement is expected to be ready within a few days.
The process will involve thorough vetting of the agreement before it is formally signed. Unlike previous trade negotiations with countries such as Malaysia, which extended over several months, officials indicate that the formalities for the India-US deal should be completed within a few weeks. This accelerated timeline reflects the mutual commitment to finalizing the agreement promptly.
The late-night developments underscore the intense efforts behind the scenes to strengthen economic ties between India and the United States. As both nations prepare to release the joint statement, stakeholders are closely monitoring the details that will shape future trade relations.
