Finance Minister Nirmala Sitharaman on Oct 16 urged an early conclusion to the India-US Bilateral Trade Agreement (BTA), saying the agreement would strengthen bilateral economic relations and benefit global trade.
Speaking during an interaction with the Atlantic Council, Sitharaman referred to recent comments by Commerce Minister Piyush Goyal indicating that the agreement could be signed soon.
"A day or two ago, Indian commerce minister has also said that they expect the agreement to be signed soon," Sitharaman said. The remarks come as New Delhi and Washington move towards completing the first phase of their trade negotiations.
Trade Deal Enters Legal Drafting Stage
On Oct 15, Goyal said the first tranche of the agreement had been finalised and was undergoing legal drafting.
He added that India would operationalise the deal once it secured competitive advantages over comparable economies.
US Ambassador to India Sergio Gor also indicated that major negotiating issues had been resolved, with discussions progressing rapidly.
Commerce Secretary Rajesh Agrawal said the agreement would be signed and implemented after legal vetting, although he did not specify a timeline.
Negotiations began in February 2025 after Prime Minister Narendra Modi and US President Donald Trump agreed to strengthen trade relations.
Discussions have focused on tariff reductions, market access and greater commercial opportunities.
Under an interim trade framework announced in February, the US agreed to reduce tariffs on Indian goods to 18%.
India has sought favourable treatment for its exporters while safeguarding sensitive sectors, particularly agriculture and dairy.
Separately, Sitharaman raised concerns about India's widening trade imbalance with China, which reportedly reached a record $112 billion in 2025-26.
She accused Beijing of using non-tariff barriers to restrict Indian exports despite substantial market opportunities.
The Finance Minister identified generic medicines, bovine meat, vegetables and other perishable products as sectors facing market access difficulties.
She said India had pursued the issue for nearly a decade without meaningful progress.
