India will finalise its proposed trade deal with the US once Washington gives Indian exporters a preferential tariff advantage over competing countries, Commerce and Industry Minister Piyush Goyal said on Thursday. Speaking at the National Workshop on Leveraging FTAs - Outreach Programme, Goyal said India's tariff rates under trade agreements would have to be either better than those available to competitors or reduced to zero.
"As soon as the US gives us preferential edge, we'll finalise the BTA and announce the trade deal," Goyal said.
The comments come as India and the US continue to work on the broader Trade Agreement. Goyal has previously said the agreement is largely settled, with the key remaining issue being a mechanism to ensure Indian exporters retain a competitive advantage over rival economies.
For India, the tariff advantage is particularly important as exporters compete with manufacturing hubs such as Vietnam and other Asian economies for access to the US market.
India Targets $2 Trillion Exports By 2030
Goyal also highlighted the strength of India's export performance, saying exports stood at $317 billion between April and July, higher than the corresponding period last year. He expects exports to accelerate further around Christmas and peak in the final quarter. Goyal added that the August export data also appeared to be on course.
The government is targeting $2 trillion in exports by 2030, underscoring its push to expand India's presence across global markets.
Meanwhile, Goyal said the India-New Zealand and India-EU FTAs would soon become operational, potentially opening additional market-access opportunities for Indian businesses.
He also stressed that India would not become a conduit for transshipment, saying the country would not engage in illegal practices to boost exports.
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