The bilateral trade agreement between India and the United States will be finalised once Washington offers New Delhi a preferential tariff rate relative to its competitors, Union Commerce and Industry Minister Piyush Goyal said on Thursday. Speaking to reporters, Goyal indicated that the announcement of the deal's final details hinges entirely on the United States providing India with terms that give Indian exporters a clear competitive advantage over regional rivals. "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 an Outreach Programme" held in New Delhi.

His remarks come despite recent comments from US Ambassador to India Sergio Gor, who had suggested that the long-anticipated Bilateral Trade Agreement (BTA) between the two countries was in its final stages and nearly complete in principle, indicating a degree of continued divergence between the two sides on the pace and substance of the negotiations. India and the United States first announced the finalisation of the framework for the initial phase of the trade pact in February 2026, following talks involving Prime Minister Narendra Modi and US President Donald Trump. However, subsequent shifts in America's broader tariff landscape have prompted further rounds of negotiation between the two countries as they work to finalise the agreement's specific terms.

Goyal noted that trade pacts with New Zealand and the 27-nation European Union bloc are also expected to go live in the near term, following the successful implementation of agreements already concluded with the United Kingdom, Oman, the United Arab Emirates, Australia and Mauritius, with the India-UK deal having formally taken effect on July 15. Addressing the competitive dynamics shaping India's trade strategy, Goyal contrasted the country's current position with regional rivals, noting that in sectors such as textiles, India had historically struggled to compete against countries like Bangladesh and Vietnam due to their Least Developed Country status or existing bilateral free trade agreements with major markets. Having now secured improved tariff terms across several major developed economies, Goyal said, "The ball is now entirely in our court," emphasizing that India's continued success in global markets would depend on scale, product quality, timely delivery and sustained customer trust rather than tariff structures alone.

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He identified countries including Sri Lanka, Bangladesh, Thailand, Cambodia, Vietnam, Indonesia and Malaysia as India's primary competitors in the US market, underscoring why securing a tariff advantage relative to these nations remains central to New Delhi's negotiating position. Goyal also highlighted recent export performance figures, noting that India's exports reached approximately $317 billion between April and July this year, marking an increase of $36 to $37 billion compared to the same period last year, a trend he tied to the country's robust first-quarter GDP growth of 7.8 percent. He said India had secured favourable terms across all nine free trade agreements finalised to date, describing each as a win-win arrangement that had protected sensitive sectors, including those affecting farmers, fishermen and small and medium enterprises, while also securing strong terms for critical sectors such as pharmaceuticals, textiles and processed agricultural products.

Looking ahead, Goyal is scheduled to travel to the United States in late September to attend the G20 Trade Ministerial meeting in Milwaukee, where he is expected to hold bilateral talks with US Trade Representative Jamieson Greer, with the pending bilateral trade agreement expected to feature prominently in those discussions. The two-day ministerial gathering, set to begin on September 30, comes as the United States holds the G20 presidency for 2026, providing a further high-level venue for the two countries to work toward resolving the outstanding terms of their long-anticipated trade agreement.

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