Commerce and Industry Minister Piyush Goyal on Thursday said the first phase of the India-US trade pact has been finalised and is undergoing legal drafting.
He expressed hope that it would be finalised soon and operationalised once India secures a competitive advantage over its peer countries.
"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 here at an event.
He also said that the free trade agreement between India and the European Union will be inked in December and would come into force from February or March next year.
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Big picture, big items are done: Sergio Gor
US Ambassador to India Sergio Gor said on Thursday, "India and the United States are nearing the conclusion of a bilateral trade agreement with most major issues already resolved and only limited negotiations on remaining details continuing."
Speaking at the Bloomberg New Economy Forum, Gor said the broad framework of the proposed agreement had been finalised and expressed confidence that both sides would soon reach a conclusion.
"The big picture, the big framework, the big items are done," he said.
Meanwhile, he described the negotiations as one of the fastest-moving trade discussions involving two large economies.
Gor said talks had progressed to product-specific and tariff-level discussions involving senior officials, including US Trade Representative Jamieson Greer and Commerce Minister Piyush Goyal.
While acknowledging the complexity of negotiations between two large economies, he said both countries were very close to finalising the pact.
Highlighting the strength of broader bilateral ties, the ambassador described India as a trusted strategic partner of the United States.
He credited Prime Minister Narendra Modi's government for advancing emerging technology initiatives and noted India's inclusion among the first countries invited to key international technology partnerships.
The envoy said expanding cooperation in artificial intelligence, technology development, clean energy and civil nuclear power would create new opportunities for both countries.
Moreover, he pointed to growing investments by major US technology firms, including Google, Microsoft, Adobe and Micron, in India, describing the partnership as a win-win that supports job creation in both nations.
On defence ties, he said India conducts more military exercises with the United States than any other country, citing recent joint drills and the participation of F-35 fighter aircraft in exercises in India as evidence of deepening strategic trust.
Gor also announced that US Secretary of State Marco Rubio will soon visit India with engagements planned in Mumbai and Jamnagar.
The visit is expected to focus heavily on trade, investment and commercial partnerships amid rapidly expanding bilateral economic relations.
Addressing concerns over proposed US sanctions linked to Russia, Gor said the measures are aimed at ending the conflict and are not targeted at any specific country.
He added that discussions on the issue remain ongoing and any decisions would be taken by the US administration in the coming days.