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Piyush Goyal says India-US trade pact awaits favourable tariff terms (Img: X)
New Delhi: The proposed India-US interim bilateral trade agreement (BTA) is awaiting a tariff framework that provides Indian exporters a competitive advantage, Commerce Minister Piyush Goyal said.
Goyal stated that the government will finalise the deal with Washington once the United States offers preferential tariff rates compared to India’s competitors.
“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 during a workshop on Free Trade Agreement (FTA) utilisation.
India and the US had reached a framework agreement for an interim BTA earlier, but the signing process was delayed after changes in the US tariff structure created uncertainty.
The Indian government is now seeking a balanced agreement that ensures better market access and protects the competitiveness of Indian businesses in global markets.
Goyal is expected to visit the US later this month, where trade-related discussions are likely to remain a key focus.
The Commerce Minister highlighted that India has already secured preferential access to major global markets through nine trade agreements.
Since 2021, India has operationalised FTAs with countries including Mauritius, the UAE, Australia, the European Free Trade Association (EFTA), Oman and the United Kingdom.
Trade agreements with New Zealand and the European Union are also moving forward, while discussions continue with countries such as Canada, Chile, Mexico, Israel and the Gulf Cooperation Council.
The government aims to expand India’s access to global markets and provide domestic exporters with better opportunities.
Officials said upcoming trade agreements are expected to strengthen India’s position in international commerce while ensuring favourable terms for Indian industries.
