India and US finish initial trade pact stage, start legal drafting
India's trade secretary said the opening stage of the commerce agreement with Washington is settled and moving to legal wording, while a few issues remain.
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What happened
The opening stage of the trade pact between India and the United States has been settled, and its legal text is now being drafted, according to India's trade secretary. US Ambassador Sergio Gor said the deal is very close and expects it to be finalised. Some issues are still unresolved.
Why it matters
Gor said the deal would be a win-win for both countries. Any decision on possible sanctions relief for India under a US law targeting buyers of Russian oil and gas rests with President Trump.
Timeline
- Oct 15, 5:57 AM ET: India's trade secretary said the first phase of the deal had been finalised and was undergoing legal drafting.
- Oct 15, 9:03 AM ET: US Ambassador Sergio Gor said the deal was very close and would happen, calling it a win-win for both nations.
- Oct 15, 2:18 PM ET: Gor said any decision on possible sanctions relief for India rests with President Trump.
Coverage
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