New Delhi [India], September 3 (ANI): India will announce the final details of its Bilateral Trade Agreement (BTA) with the United States only after Washington agrees to offer preferential tariff terms over India's competitors, Commerce and Industry Minister Piyush Goyal said on Thursday.
"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, addressing a national workshop on Leveraging FTAs Outreach program.
The minister said the trade pacts India has already concluded are opening up significant export opportunities for domestic businesses.
He added that India is on track to conclude several more trade agreements in the coming months and years, naming Canada, Mexico, Chile, the Brazil-led Mercosur bloc, the Southern African Customs Union (SACU), a South Africa-led group of nations, the six-member Gulf Cooperation Council (GCC), and Israel as prospective partners.
India and the US have been holding talks for a mutually beneficial Bilateral Trade Agreement (BTA).
During his June 22-24 visit to New Delhi, US Trade Representative Ambassador Jamieson Greer and Commerce and Industry Minister Piyush Goyal reviewed key elements of the agreement, including enhanced market access, digital trade, supply chain resilience, reduction of non-tariff barriers and cooperation in strategic sectors.
Both sides had noted substantial progress by their negotiating teams and reaffirmed their commitment to an agreement that is balanced, commercially meaningful and delivers tangible benefits for businesses, farmers, workers and consumers in both countries.
In February, India and the US had announced a framework for an Interim Agreement on reciprocal and mutually beneficial trade, reaffirming their commitment to the broader BTA negotiations.
In the latest development in June, U.S. Trade Representative Ambassador Jamieson Greer led a delegation to New Delhi to meet Union Minister of Commerce and Industry Piyush Goyal, reviewing core BTA elements and pushing forward the interim deal.
For 2025, India's total goods exports to the U.S. reached USD 103.82 billion, while U.S. exports to India totalled approximately USD 45.6 billion, for a total bilateral trade of USD 149.42 billion.
The bilateral services trade in 2025 was recorded at USD 92.23 billion, where India exported USD 48.67 billion worth of services to the US and imported USD 43.56 billion worth of services from the US. (ANI)
India-US trade pact to be finalised once Washington offers preferential terms: Piyush Goyal
