First Tranche of India-US Trade Deal Finalised, Under Legal Review: Piyush Goyal

The first tranche of the proposed India-US Bilateral Trade Agreement (BTA) has been finalised and is undergoing legal drafting and final review, Union Commerce and Industry Minister Piyush Goyal said on Thursday.

Speaking at the inauguration of Shri Ram College of Commerce’s Centenary Conclave, Goyal expressed hope that the agreement would be concluded and implemented soon, provided India secured a competitive advantage over its peer countries.

“The US bilateral trade agreement first tranche has been finalised. It’s going through the final contours, the legal drafting, and we hope to be able to finalise that soon and operationalise that once we get comparable advantage or competitive advantage over our peer countries,” he said.

Exports Rise Despite Tariff Uncertainty

India’s merchandise exports to the US grew 11.1 per cent to USD 50.81 billion during April–September 2026, up from USD 45.73 billion in the corresponding period last year, according to data released by the Ministry of Commerce and Industry on Thursday.

Imports from the US rose 26 per cent to USD 32.33 billion from USD 25.66 billion over the same period. As a result, India’s merchandise trade surplus with the US narrowed to USD 18.48 billion from USD 20.07 billion.

Despite tariff-related uncertainties, bilateral merchandise trade continued to expand, with the US remaining India’s largest destination for merchandise exports during the first half of the current financial year.

Negotiations Moving Towards Early Conclusion

Commerce Secretary Rajesh Agrawal said negotiations on the proposed trade agreement were progressing in the right direction, with both sides working towards an early conclusion.

“The negotiations are in the right direction. Probably, we are in a very good zone. We anticipate closing the deal and signing it at the earliest possible time,” Agrawal said.

He also stressed that India was seeking preferential access to the American market to help its exporters compete more effectively with businesses from other countries.

“When you do a trade deal, it gives you not only market access in each other’s markets; it gives you preferential market access in a particular market,” he said.

With inputs from ANI