Commerce and Industry Minister Piyush Goyal on Thursday said the first phase of the India-US bilateral trade agreement has been finalised and is now undergoing legal drafting. The government hopes to complete the process soon, but the agreement will be implemented only after India secures a competitive advantage for its exporters over other countries.
Speaking at an event in New Delhi, Goyal said the first tranche of the agreement had been finalised and was going through the final stages of legal drafting. “US bilateral trade agreement’s first tranche has been finalised and it is going through final contours, the legal drafting and we hope to be able to finalise that soon and operationalise that once we get the competitive advantage over our peer countries,” he said, according to PTI.
India-US Trade Talks Near Crucial Stage
Goyal’s remarks come as India and the US continue negotiations over their bilateral trade agreement. The two countries announced a framework for an interim trade deal in February, but the agreement has yet to come into effect.
The latest development marks an important step in the negotiations, although the timing of implementation remains uncertain. India’s priority is to ensure that its exporters are in a stronger position in the US market compared with competitors from other countries.
Goyal Says Bilateral Ties Remain Strong
Goyal had earlier stressed that changing global circumstances must be considered before finalising the trade agreement. His comments suggest that India is taking a cautious approach to ensure the deal offers meaningful benefits to its exporters, PTI reports.
On October 14, the minister described India-US relations as “very good” and said he did not see any problem in bilateral ties despite the delay in concluding the agreement. The US remains one of India’s most important trading partners, making the proposed pact significant for the country’s trade strategy.
India-EU Trade Deal Expected In December
Meanwhile, Goyal said India and the European Union (EU) are expected to sign their free trade agreement in December. The agreement is likely to come into force in February or March 2027.
India and the 27-member EU announced the conclusion of negotiations for the trade agreement earlier this year. The proposed pact is expected to strengthen economic ties and provide better market access for businesses on both sides.
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Trade Agreements Key To India’s Global Strategy
The progress on trade agreements with the US and EU reflects India’s efforts to strengthen commercial relations with major economies at a time when global trade and tariff policies are changing.
While the India-US agreement is awaiting the completion of legal drafting and favourable competitive conditions, the proposed EU deal has a clearer timeline. Both agreements could play an important role in improving market access for Indian businesses and strengthening the country’s position in international trade.
