Daijiworld Media Network – New Delhi

New Delhi, Sep 4: Commerce and Industry Minister Piyush Goyal on Thursday said India will finalise the Bilateral Trade Agreement (BTA) with the United States only after Washington offers preferential tariff terms compared with 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 while addressing a national workshop on leveraging Free Trade Agreements (FTAs).

The statement comes amid US Ambassador to India Sergio Gor’s recent assertion that the long-awaited India-US trade agreement is in its final stages and nearly complete in principle.

India and the US had announced the finalisation of the framework for the first phase of the trade pact in February. However, changes in the US tariff structure have led to further negotiations. The US imposed an additional 10 per cent tariff on several countries, including India, from July 24.

Goyal said India’s nine FTAs, covering economies representing around USD 60 trillion in GDP, would provide preferential access to nearly two-thirds of global trade. He said the trade agreement with New Zealand would become operational soon, followed by the pact with the European Union.

Goyal is scheduled to visit the US in late September to attend the G20 Trade Ministerial in Milwaukee and hold bilateral discussions with US Trade Representative Jamieson Greer. Issues related to the India-US trade pact are expected to feature prominently in the talks.

India faces competition from countries including Sri Lanka, Bangladesh, Thailand, Cambodia, Vietnam, Indonesia and Malaysia in the US market. A tariff advantage over these countries would help Indian exporters improve the price competitiveness of their goods.

In 2025, India’s goods exports to the US stood at USD 103.82 billion, while US exports to India were approximately USD 45.6 billion, taking total bilateral goods trade to around USD 149.42 billion.