Commerce and Industry Minister Piyush Goyal on Thursday said the details of the Bilateral Trade Agreement (BTA) with the US will be announced once Washington offers preferential terms compared to the country’s competitors. The statement comes despite US Ambassador to India Sergio Gor saying that the long-anticipated bilateral trade agreement between India and the United States is in its final stages and nearly complete in principle.
“As soon as the US is able to give us the preferential rate in comparison to our competition, we will finalise the BTA and announce the final details,” Goyal said, addressing a national workshop on Leveraging FTAs Outreach program.
In February, India and the United States announced finalisation of the framework for the first phase of the pact. However, changes in the tariff landscape in America have led to further negotiations between the two countries on the pact. The US has imposed an additional 10 per cent tariff on a number of countries, including India, from July 24.
India concludes nine free trade agreements
Goyal also said that India’s nine free trade agreements (FTAs), spanning economies representing about USD 60 trillion of GDP, would provide preferential access to nearly two-thirds of global trade.
“(Trade pact with) New Zealand will get live soon and thereafter (FTA with) EU, the 27-nation bloc, will get live. And as soon as the US is able to give us the preferential rate, in comparison to our competition, we will finalise the BTA and announce the final details,” he said
Goyal to visit US late September
Goyal will visit the US in late September to attend the G-20 Trade Ministerial in Milwaukee and hold bilateral talks with USTR Jamieson Greer, with trade pact issues to figure in the discussions.
The two-day ministerial will begin on September 30. The United States holds the 2026 G20 presidency.
Countries including Sri Lanka, Bangladesh, Thailand, Cambodia, Vietnam, Indonesia and Malaysia are major competitors of India in the US market. Tariff advantage vis-a-vis these nations will give price competitiveness to Indian goods in the American market.
For 2025, India’s total goods exports to the US reached USD 103.82 billion, while US exports to India totalled approximately USD 45.6 billion, for a total bilateral trade of USD 149.42 billion.
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