India-US trade deal: Sergio Gor says 99% done in 2026

What Sergio Gor said, and why it matters

India and the United States are close to finalising a bilateral trade agreement, with only a “handful of issues” left to resolve, according to US Ambassador to India Sergio Gor. In comments reported across multiple interviews and public remarks, Gor said negotiators are now largely focused on finalising legal language before the deal is signed. He indicated the agreement could be concluded in the coming weeks or months. The remarks are notable because they suggest the talks have moved from broad principles to implementation details. For investors and businesses, that shift typically signals that the remaining work is more about precision than redesign. Gor also described the pending deal as a “win-win situation” for both countries.

Negotiations enter the “last 1%” phase

Gor said the two sides are “99% there” and are working on the “last 1%”. He declined to discuss the specifics of the remaining issues, saying he did not want to negotiate publicly. Still, he suggested the unresolved matters are limited in scope and are not centred on major policy disagreements. According to his remarks, much of the unfinished work involves technicalities such as when specific provisions “kick in” and the exact legal language both sides will sign. The emphasis on sequencing and drafting is consistent with late-stage trade talks, where the hardest political questions are generally settled and the focus shifts to enforceable text.

Rapid pace compared with other trade deals

Gor highlighted the speed of the discussions, saying the talks have progressed rapidly compared with many other major trade negotiations. He said the negotiations have been ongoing for about 18 months, contrasting that timeline with trade deals elsewhere that can take decades. The sense of urgency was reinforced by his repeated references to a near-term timeline, saying completion would take weeks or months, “not going to be years.” For markets, the pace matters because it reduces uncertainty around whether the agreement will stall.

Key meetings in New Delhi and the negotiation setup

The negotiations are being handled by trade teams that have been travelling between the two capitals. Gor said the US trade team is in New Delhi and is meeting Indian counterparts. He also said he would be meeting Commerce and Industry Minister Piyush Goyal, with a key meeting scheduled for Thursday, as officials continue to work through the remaining details. In one account of recent activity, he said the team had been in Washington, DC last week and that the US sent its team to New Delhi this week. The back-and-forth underscores that both sides are treating the finish line as close and operationally achievable.

Interim deal, framework, and where talks stand

Gor referenced an interim trade deal that he said is already “in place.” He also said that when he arrived in India five months ago, concluding a trade deal was among his priorities, and that “within a month” an interim trade deal was announced. Separately, he said the broad framework for the pact was agreed in February, with current talks focused on ironing out remaining details. Put together, these remarks point to a process in which the larger structure has been settled and the remaining work involves making the agreement signable and legally durable.

Tariffs and market access: what has been indicated so far

While Gor did not provide a line-by-line breakdown, he suggested that several items in the remaining bucket are not necessarily controversial. In one description of the interim arrangement, he said it “brings down tariffs on both sides to almost zero or something very low.” That phrasing indicates tariff reductions could be a central deliverable, although the final text will determine which products and sectors benefit, and on what timeline. Because he did not disclose specifics, the exact tariff lines, exclusions, and safeguard mechanisms remain unknown from his public remarks.

Trust pillars: Pax Silica and India’s role in US generics

Gor framed the relationship in terms of trust and strategic partnership. He said the US invited India into an initiative called “Pax Silica,” and that India was among the first 10 countries asked to join, describing that decision as trust-driven. He also highlighted supply-chain reliance in healthcare, stating that around 40% of US generic medicines come from India. These points reinforce the idea that the trade talks are being conducted alongside a broader strategic alignment, not purely as a transactional negotiation.

Visa changes and the political context

Gor also said recent changes to the US visa system are not targeted at India. On the political layer of the relationship, he highlighted what he described as a strong personal rapport between Prime Minister Narendra Modi and US President Donald Trump, calling it a key pillar of bilateral ties. While trade agreements ultimately depend on negotiators and legal text, his comments position political alignment as supportive of speed and closure.

Trade growth backdrop and why the “last 1%” is watched closely

Gor said bilateral trade has grown sharply over just over two decades, from $10 billion to $120 billion in goods and services, which he described as an 11-fold increase. Against that backdrop, a near-final trade agreement is being watched for its potential to shape rules, reduce frictions, and influence future investment decisions. Even so, Gor’s own framing suggests the current phase is about converting political intent into enforceable provisions. That last step can still take time because it involves legal precision and agreed start dates, even when the big issues appear settled.

Key facts at a glance

Conclusion

Sergio Gor’s comments suggest the India-US trade agreement is in a late-stage phase where legal drafting and technical sequencing are the main pending items. With trade teams in New Delhi and a scheduled meeting with Commerce Minister Piyush Goyal, the next formal milestone is whether the remaining “last 1%” can be resolved for leaders to sign the deal into law.