Kathmandu. India and the United States are almost at the final stage of the first phase of the bilateral trade agreement, the Commerce Minister said. “About 99 per cent” of the preliminary agreement has been completed, with the two countries intensifying negotiations.

The three-day talks began after the US delegation led by Assistant US Trade Representative for South and Central Asia Brendan Lynch arrived in New Delhi on Tuesday. The talks are seen as a decisive attempt to take the trade relations between the two countries to a new phase.

India’s Commerce Minister Piyush Goyal told reporters in New Delhi on Monday that most of the contentious issues have been resolved. According to him, about 99 percent of the cases have been settled and only a few technical and final details remain to be discussed.

India and the US had reached a preliminary agreement on a trade deal in February. But talks slowed for some time after the U.S. Supreme Court struck down some of President Donald Trump’s sweeping tax decisions. The US administration then launched investigations into unfair trade practices in several countries, including India, and imposed 10 percent tariffs.

Goyal said that in the current talks, detailed discussions are being held on how to incorporate the recent legal changes in the text of the final agreement. He said both sides were paying attention to reconciliation of legal and technical aspects.

“I am fully confident that we will conclude and sign the first part of the bilateral trade agreement with the United States,” Goyal said. According to him, discussions will be held on the second phase of a more comprehensive and comprehensive trade agreement.

Commenting on the subtle aspects of the talks, he said, “Discussions are going on in small details, mandatory commas and full stops”. This indicates that work is being done on technical language adjustment in the final draft.

Meanwhile, US Ambassador Sergio Gore said last week that he hoped to sign an interim trade deal in the next few weeks. This indicates that the political and economic consensus between the two countries is almost in the final stage.

Washington and New Delhi have set an ambitious target of boosting bilateral trade to $50 trillion by 2030. For this, talks have been held continuously since March, giving priority to expanding market access and resolving tax disputes.

India hopes the deal will expand access to the vast US market for its exporters, while making it a priority to protect sensitive dairy and agricultural sectors. According to India, the possibility of opening up of market opportunities worth about $ 30 lakh crore is linked to this agreement.