Fresh negotiations between India and the United States are underway in Washington, DC this week, with officials indicating that a long-running effort to seal a bilateral trade agreement is nearing completion.A senior US official, responding to queries on the progress of the talks, said, “The Trump administration and India continue to have positive and productive discussions towards a finalised trade deal.” The negotiations come as Indian representatives visit the American capital for discussions scheduled from April 20 to 22, marking a renewed push to conclude the first phase of the agreement.People familiar with the matter suggested that only a handful of issues remain unresolved. “Most of it is almost done,” one official said on condition of anonymity, adding, “There aren’t many loose ends left.” The current round is expected to concentrate on closing these remaining gaps, with much of the agreement already worked out.The Indian side is being led by Darpan Jain, Additional Secretary in the Department of Commerce, accompanied by officials from the customs department and the ministry of external affairs. On the US side, Brendan Lynch, Assistant US Trade Representative for South and Central Asia, is heading the negotiations under the Office of the US Trade Representative.The timing of the talks follows recent developments in the US tariff structure. After the US Supreme Court struck down reciprocal tariffs imposed under the 1977 International Emergency Economic Powers Act, the US administration introduced a temporary flat 10% tariff on all countries for 150 days starting February 24. These changes had earlier delayed a planned February meeting between the chief negotiators, with discussions now resuming under the revised framework.In addition to tariff-related matters, negotiators are also expected to address two Section 301 investigations initiated by the US Trade Representative. India has contested these probes, seeking their withdrawal and arguing that the notices lack adequate justification.The ongoing discussions build on a framework for an interim agreement announced on February 7, which outlined reciprocal and mutually beneficial trade measures. The framework reaffirmed a commitment to broader bilateral trade agreement (BTA) negotiations launched by US President Donald Trump and Prime Minister Narendra Modi on February 13, 2025, aimed at enhancing market access.US Ambassador to India Sergio Gor described the visit of the Indian delegation as a significant step towards finalising the deal. In a post on X, he said, “The Indian trade delegation will be arriving in Washington this week. A great step to finalise our bilateral trade deal. A win-win for both nations!”Commerce and Industry Minister Piyush Goyal also indicated that the first tranche of the agreement is close to completion. “We have almost finalised our free trade agreement, the first tranche of the bilateral trade agreement with them. We are trying to close the Ts and dots on that and work out what would be the mechanism by which India can get a preferential access, market access in the US market compared to our competitors,” he said at the India-Korea Business Forum in New Delhi.He added, “We have almost finalised the first tranche of bilateral trade agreement with them… We are trying to work out what would be the mechanism on which India would get a preferential access in the US market compared to our competitors. The team will be discussing this while they are in Washington.”With senior officials from both sides now engaged in discussions and most substantive issues already settled, expectations are building that an announcement on the proposed agreement could follow soon.

US stocks moved higher on Tuesday, as investors remained optimistic over a possible extension of the US-Iran ceasefire. Markets showed early strength, with the Dow Jones Industrial Average rising 0.56% or 279 points to 49,721.56 around 8 pm IST. The S&P 500 inched up 0.2% to 7,129, while the Nasdaq Composite gained 96 points or 0.4% to reach 24,500. As trading progressed, the upward momentum strengthened, with the Dow climbing 397 points, or 0.8%, and the S&P 500 adding 0.2%, putting it within reach of another record high. The Nasdaq remained modestly higher. Investor sentiment was shaped in part by developments in the Middle East. Oil prices, which had surged a day earlier amid renewed disruption to the Strait of Hormuz, eased on Tuesday. Brent crude slipped 0.7%% to $94.78 per barrel ahead of the expected expiry of a two-week ceasefire between the United States and Iran. The conflict has driven sharp swings in oil markets, with prices ranging from about $70 before the war to peaks of $119 as concerns over a prolonged closure of the key shipping route intensified. Economic data released during the session pointed to continued resilience in consumer activity. US retail sales rose 1.7% from the previous month to $752.1 billion, beating expectations, largely due to higher petrol prices. Spending remained relatively steady even when excluding gasoline sales, indicating broader stability in consumption during the first full month of the conflict. Global markets presented a mixed picture, with European indices trading unevenly after a stronger performance in Asia, where South Korea’s Kospi index jumped 2.7%. In the bond market, US Treasury yields edged higher, with the 10-year yield ticking up to 4.27% from 4.26% the previous day. Attention is also turning to Washington, where Kevin Warsh, nominated by US President Donald Trump to lead the Federal Reserve, is scheduled to testify before Congress later in the day. Investors are expected to closely watch his remarks for indications on interest rate policy and the central bank’s independence.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India.)