India's Commerce and Industry Minister Piyush Goyal said a trade agreement with the United States could be finalised once Washington offers India a competitive advantage, signalling that negotiations are nearing completion but key issues remain unresolved.
"The day the US gives competitive advantage to India, the trade deal is on," Goyal said while speaking at the India Global Forum's UK-India Week 2026 in London.
The minister said the proposed pact would depend on how the US positions India relative to its trading partners.
"India-US trade deal depends on how the US gives competitive advantage," Goyal said.
His remarks come amid ongoing negotiations between New Delhi and Washington aimed at expanding bilateral trade and resolving market access concerns. Goyal added that the India-US trade deal is "very close", indicating progress in discussions between the two countries.
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The comments follow a fresh round of trade negotiations between India and the US. On June 23, Goyal held bilateral talks in New Delhi with US Trade Representative Jamieson Greer, who is visiting India for discussions on the proposed trade pact.
Speaking on June 15, Agrawal had said the talks were likely to focus on giving final shape to the framework deal. US President Donald Trump subsequently said on June 17 that India and the US were "very close" to finalising the agreement.
Earlier this month, Goyal said both countries were working to close the remaining gaps in the interim trade pact and expected to implement the first phase of what he described as a "very, very vibrant" trade agreement by July.
India and the US formally launched bilateral trade agreement negotiations on Feb. 13, 2025. The talks gained momentum after both sides announced a framework for the first phase of the deal earlier this year.
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The original framework was negotiated against the backdrop of the Trump administration's tariff measures on Indian goods. Under the proposed arrangement, the US had agreed to lower tariffs on Indian exports to 18% from 50% and remove additional duties linked to India's purchases of Russian oil. However, the US Supreme Court later struck down the broader tariff regime imposed on several trading partners.
Following the ruling, the Trump administration imposed a temporary 10% tariff under Section 122 of the Trade Act on imports from all countries for a period of 150 days, altering the landscape of ongoing trade negotiations.
India, for its part, has proposed eliminating tariffs on a wide range of US industrial goods and agricultural products, including dried distillers' grains, red sorghum for animal feed, tree nuts, fresh and processed fruits, soybean oil, wine and spirits, among others.
New Delhi has also expressed interest in purchasing up to $500 billion worth of US products over the next five years, including energy, aircraft and aircraft parts, precious metals, technology products and coking coal.
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