India-US trade deal: Piyush Goyal says first tranche finalised

The first tranche of the India-US bilateral trade agreement (BTA) had been finalised and was undergoing legal drafting and final review, Union Commerce and Industry Minister Piyush Goyal said on Thursday (October 15).

Speaking at Shri Ram College of Commerce's Centenary Conclave, Goyal said the agreement could be operationalised soon once India secured a competitive advantage over other countries.

“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 finalize that soon and operationalise that once we get comparable advantage or competitive advantage over our peer countries,” he said as quoted by ANI.

India, US aim for early trade deal

According to Commerce Secretary Rajesh Agrawal negotiations were progressing well, with both sides working towards an early conclusion and signing of the deal.

Agrawal said India was seeking preferential access to the American market to help domestic exporters compete with businesses from other countries.

Also Read: 'India-US trade deal nearing landing point,’ says Jaishankar

"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," he said.

"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," Agrawal added.

India-US trade grows despite tariff uncertainty

The comments came as bilateral merchandise trade continued to grow despite uncertainty over US tariffs. India's exports to the US rose 11.1 per cent to USD 50.81 billion during April-September 2026, against USD 45.73 billion in the corresponding period last year, according to Commerce Ministry data released on Thursday.

Also Read: India seeks tariff advantage as fresh trade talks with US begin in New Delhi

Imports from the US increased 26 per cent to USD 32.33 billion from USD 25.66 billion. India's merchandise trade surplus with the US consequently narrowed to USD 18.48 billion from USD 20.07 billion. The US remained India's largest destination for merchandise exports during the first half of the current financial year.

US envoy says negotiations are nearing conclusion

Meanwhile, US Ambassador to India Sergio Gor also said the negotiations were advancing quickly, with the main issues settled.

Speaking at the Bloomberg New Economy Forum, he said, "We are getting there. I am confident that we will have a trade deal here, as you heard Dr Jaishankar say right on this stage, and we are very close to landing it."

Also Read: India-US trade deal first tranche expected soon as key issues settled: Piyush Goyal

Gor said the agreement involved complex negotiations, with smaller issues still requiring attention. He added that Goyal and US Trade Representative Jamieson Greer were discussing details of the proposed pact.

The negotiations continue ahead of US Secretary of State Marco Rubio's upcoming visit to India. External Affairs Minister S Jaishankar has also said the two sides remain engaged in resolving differences, with the talks moving towards a possible agreement.

(With agency inputs)