'Big picture, big framework, big items are done': Sergio Gor says India-US trade deal very close ahead of Marco Rubio's visit

India and the United States are reportedly nearing completion of a significant trade deal, with US Ambassador to India Sergio Gor revealing that most of the major issues have been resolved. Speaking at the Bloomberg New Economy Forum in Delhi, Gor emphasized that the broad framework of the agreement has been reached, although minor details are still under negotiation. He expressed confidence that the two nations would soon finalize the agreement, stating, "The big picture, the big framework, the big items are done."

The negotiations have been complex due to the sheer size of both economies, involving 1.4 billion people in India and the intricate US trade system. Gor acknowledged the complexity, noting that both countries are "complex places" and matching everything will not happen overnight. The US administration has had to reassess parts of its trade arrangements following a recent Supreme Court ruling that challenged the use of emergency economic powers to impose tariffs.

Gor highlighted that the negotiations have reached the level of individual products and tariff percentages, with discussions involving key figures such as US Trade Representative Jamie Pressly and Commerce Minister Piyush Goyal. He expressed confidence that the agreement would be completed, pointing out that the two countries have been working on the deal for approximately 1.5 years.