The proposed interim trade agreement between India and the United States is "99%" complete and the remaining issues are expected to be resolved soon, US Ambassador to India Sergio Gor said on Wednesday, expressing confidence that the deal would unlock new economic opportunities for both countries. 

"We're in the last 1%. 99% of this deal is in place. That last per cent, we will figure out sooner than later," Gor said while addressing Citi's India Investor Conference in Mumbai. 

"Tomorrow, they're going to be meeting with Minister Goyal," he added, referring to the ongoing negotiations between the two countries. 

The remarks come as chief negotiators from India and the US continue discussions aimed at finalising an interim trade pact ahead of the expiry of the reciprocal tariff suspension announced by Washington. 

Gor said trade teams from both countries had been meeting regularly, including talks in Washington last week and New Delhi this week. 

"Our current interim trade agreement is on the table for us to finalise and it will unlock prosperity for both of our nations," he said. 

Trade pact to boost economic ties 

Defending the time taken to conclude the agreement, Gor pointed out that such trade negotiations are inherently complex. "These are massive, complex deals that involve not hundreds but tens of thousands of points sometimes, everything from mangoes to IT to technology to fuel," he said. 

Drawing a comparison with other trade negotiations, he noted that the European Union's trade agreement discussions with India took nearly two decades. 

The ambassador said expanding bilateral trade presents "transformative potential" for both economies and aligns with India's growing infrastructure requirements and American expertise in sectors such as energy, aviation, advanced manufacturing, research and development, and digital infrastructure. 

"We've seen unprecedented progress and we have incredible potential ahead. We can seize opportunities to scale the US-India partnership into a more seamless, resilient and transformative economic relationship," he said. 

Gor also informed that he will be meeting with Commerce and Industry Minister Piyush Goyal tomorrow in New Delhi.  “I'll be flying and meeting with Minister Goyal tomorrow and our respective teams,” he added. 

Investments reach new highs 

Highlighting growing investment flows between the two countries, Gor said Indian companies were expanding their footprint in the US while American firms continued to invest heavily in India. 

He revealed that the US Embassy in India recently announced investment commitments worth $20.5 billion into the US from India, significantly exceeding commitments announced by other diplomatic missions. 

"Proudly, our embassy in India came in first. Not $200 million, not $500 million, not $1 billion, but $20.5 billion," he said. 

The ambassador also cited major investment commitments by US technology companies, including Amazon's planned $35 billion investment in India by 2030, Microsoft's $17.5 billion investment in cloud infrastructure expansion, and Google's recently announced $15 billion AI hub initiative. 

Focus on technology and supply chains 

Gor said the two countries were deepening cooperation in emerging technologies, artificial intelligence, semiconductors, pharmaceuticals and critical minerals under initiatives launched by President Donald Trump and Prime Minister Narendra Modi. 

"India was invited because it's a trusted partner," he said while referring to technology and supply chain partnerships between the two countries. 

Calling the India-US relationship "the most consequential global partnership of the century," Gor urged businesses and investors to play a larger role in strengthening economic cooperation. "What our two nations accomplish together will quite simply shape the future," he added.