Commerce and Industry Minister Piyush Goyal said on October 15 that the first tranche of the India-US trade deal is undergoing legal drafting. “The big picture, the big framework, the big items are done,” said US Ambassador Sergio Gor. India aims to finalise the agreement soon to gain competitive advantages.
The first tranche of the India-US bilateral trade agreement (BTA) has been finalised and is undergoing legal drafting, Commerce and Industry Minister Piyush Goyal said on October 15. He added that the deal would be operationalised once India secured a competitive advantage over its peer countries.
“The first tranche of the US bilateral trade agreement has been finalised. It's going through the final contours, the legal drafting. We hope to be able to finalise it soon and operationalise it once we get comparable advantage or competitive advantage over our peer countries,” Goyal said while interacting with students at SRCC's Centenary Conclave in New Delhi.
Goyal’s comments came hours after US Ambassador to India Sergio Gor said the major issues in the India-US bilateral trade agreement had been resolved, with negotiations progressing at an “incredible pace”. “The big picture, the big framework, the big items are done,” Gor said at Bloomberg’s New Economy Forum in New Delhi on Thursday.
The two countries announced a framework for an interim trade agreement in February 2026, with the US agreeing to reduce tariffs on Indian goods. India has sought preferential tariff treatment for its exporters while protecting sensitive domestic sectors, particularly agriculture and dairy. Goyal has previously said that products such as wheat, rice, maize and soymeal would remain outside tariff concessions, amid concerns that imports of US farm produce could expose Indian farmers to competition.
Goyal said India's trade engagement with other major economies was also progressing. The India-New Zealand free trade agreement (FTA) is scheduled to enter into force on October 20, following the completion of ratification by both countries, he said.
The agreement will provide duty-free access to New Zealand for Indian goods, while New Zealand has committed to investing $20 billion in India over 15 years. The two countries have also set a target of doubling bilateral trade by 2030.
The India-European Union FTA, covering 27 member countries, is expected to be signed in December and become operational by February 2027, Goyal said.
India has also concluded trade agreements with the United Kingdom and the European Free Trade Association (EFTA), while the agreement with Oman forms part of its broader push to diversify export markets and secure preferential access for Indian goods and services.
Goyal said India's nine FTAs cover economies accounting for about $60 trillion in gross domestic product and provide preferential access to nearly two-thirds of global trade. The proposed agreements with the EU and the US could further expand that access.