US Ambassador Sergio Gor Says India Trade Deal 99% Complete

US Ambassador to India Sergio Gor announced that 99 percent of a comprehensive trade deal between the United States and India is complete. Speaking at the Indo-American Chamber of Commerce National Convention 2026 in Mumbai, Gor urged both nations to resolve friction points and establish predictable taxation and regulatory frameworks to reach a bilateral trade goal of $500 billion by 2030.

While Gor emphasized trust and the need for stronger intellectual property protections, the agreement faces headwinds from US legislative actions. The US Senate passed the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, which could allow the US president to impose tariffs of up to 100% on top buyers of Russian oil and gas, including India. Additionally, potential US phased tariffs could target generic medicines with duties reaching 200%.

To mitigate these risks, the negotiations include a tariff safeguard from a February framework, allowing either nation to revise commitments if the other alters agreed terms. India's Commerce Secretary Rajesh Agrawal affirmed that both sides remain committed to finalizing this framework. In parallel, Maharashtra Chief Minister Devendra Fadnavis met with Gor to discuss directing US investments into semiconductors, data centers, and education within the state of Maharashtra.