India’s Commerce and Industry Minister Piyush Goyal has said that a long-anticipated trade agreement between India and the United States is “very close,” but stressed that its finalisation depends on Washington offering terms that provide India with a competitive advantage in global trade. His remarks indicate that negotiations between the two countries are in an advanced stage, although key issues remain unresolved.
Speaking at the India Global Forum’s UK-India Week 2026 in London, Goyal said the outcome of the proposed trade pact would be determined by how the United States positions India relative to other trading partners. “The day the US gives competitive advantage to India, the trade deal is on,” he said, adding that discussions are progressing but still require alignment on critical trade priorities.
The minister reiterated that the India-US trade deal is “very close,” reflecting continued momentum in bilateral discussions aimed at expanding market access and strengthening economic ties. His comments come amid a series of high-level engagements between trade officials from both countries in recent weeks, aimed at shaping the framework of the agreement.
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On June 23, Goyal held bilateral talks in New Delhi with US Trade Representative Jamieson Greer, who visited India to advance discussions on the proposed pact. Earlier, US President Donald Trump had also indicated that the two sides were nearing a final agreement, while Indian officials suggested that initial phases of the deal could be implemented in the near term.
The proposed trade agreement has evolved against a backdrop of shifting tariff structures and broader global trade realignments. Earlier frameworks reportedly included provisions for tariff reductions on select Indian exports and easing of duties linked to energy imports. However, subsequent legal and policy developments in the United States have altered the structure of negotiations, requiring renewed discussions on tariff alignment and trade balance.
India has also proposed reducing tariffs on several US industrial goods and agricultural products, while expressing interest in expanding purchases of American energy resources, aircraft, technology products, and critical minerals. Officials from both sides have indicated that efforts are underway to finalise a mutually beneficial framework that could significantly expand bilateral trade in the coming years.
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