New Delhi: Union Commerce and Industry Minister Piyush Goyal said on Thursday, October 15, that the first phase of the India-US Bilateral Trade Agreement has been finalised and is now undergoing legal drafting and final review.
Speaking at Shri Ram College of Commerce’s Centenary Conclave, Goyal expressed hope that the agreement would be completed and implemented soon, provided India secures competitive tariff benefits compared with other countries.
Commerce Secretary Rajesh Agrawal also indicated progress in negotiations, saying both sides were working towards concluding and signing the agreement at the earliest possible time.
However, the final signing will depend partly on the United States establishing its broader tariff framework. Agrawal said discussions were continuing to ensure India receives preferential access to the American market compared with its competitors.
The initial framework for the first tranche was announced in February, but changes in US tariff policies have prompted further negotiations. India is seeking more favourable tariff rates for its exports.
Meanwhile, Goyal said the India-European Union free trade agreement was expected to be signed in December and could take effect in February or March next year.
India’s exports to the US reached $87.3 billion in the 2025-26 fiscal year, while imports stood at $52.9 billion, narrowing India’s trade surplus with Washington to $34.4 billion.
