India and the United States have finalised the first phase of their bilateral trade agreement. The pact is now undergoing legal drafting, with both countries aiming to complete the process soon.

Commerce and Industry Minister Piyush Goyal said the first phase would be implemented once India secures a competitive advantage over other countries. He added that both sides are working to finalise the remaining details.

US Ambassador to India Sergio Gor also expressed confidence that the agreement was close to completion. Speaking at the Bloomberg New Economy Forum in Delhi, he said the broad framework and major issues had been resolved, although discussions on some details continue.

Negotiations have covered individual products, tariff rates and market access. India is seeking preferential access to the US market and greater stability in tariffs to support exporters and businesses.

The discussions come as the United States reviews parts of its trade policy following a Supreme Court ruling on the use of emergency economic powers to impose tariffs.

Separately, Goyal said the India-European Union free trade agreement is expected to be signed in December, with implementation targeted for February or March next year.

The proposed trade agreements could create new opportunities for Indian exporters, strengthen international trade ties and improve market access. However, the final terms and implementation timelines will be important in determining the benefits for businesses across key sectors.