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Informist, Monday, Jun. 22, 2026

 

--Minister Goyal: Had to re-work US trade deal after US Supreme Court order 

--CONTEXT: Commerce Minister Piyush Goyal speaking at Republic Summit 

--Minister Goyal:Working with US for preferential benefits for India exports 

--Minister Goyal: Will achieve $1 tln export target for FY27 

NEW DELHI – The government is working with the US to ensure a comparative advantage for Indian exports as part of the proposed bilateral trade deal, Commerce and Industry Minister Piyush Goyal said on Monday. The minister said "by and large, things are sorted out" regarding the first tranche of the trade deal.

 

"My interest is that it (first tranche of US trade deal) should get completed tomorrow," Goyal said at the Republic World Summit."The faster, the better because that quickly we can start exporting goods to the US."

 

India and the US had on Feb. 7 issued a joint statement, agreeing on a framework for an interim agreement for mutually beneficial trade, but are yet to finalise the first phase of the trade agreement. US Trade Representative Jamieson Greer will arrive in India later on Monday to put the final touches on the trade talks.

 

A US team visited New Delhi in early June and held "constructive and positive discussions" with the Indian side on a wide range of issues, including merchandise trade and non-tariff measures and concluding the trade agreement. On Jun. 5, Goyal said he expected India and the US to close the first tranche of the proposed trade agreement by mid-July.

 

Goyal Monday said that the first tranche of the trade agreement has taken longer than expected since the deal had to be reworked after the US Supreme Court struck down US President Donald Trump's reciprocal tariffs, terming them illegal. "The US trade deal took longer than was originally expected and we also had a period when there were 50% tariffs on India. Despite all of these areas of concern, and there were significant issues at that time, India persevered to protect our interest of farmers, MSMEs, fishermen," Goyal said. "We were very clear that there are certain red lines that we will not cross.

 

Despite the 50% tariffs imposed on India for a large part of 2025-26 (Apr-Mar), India's trade with US remained robust. The US was India's biggest trade partner in FY26, with total trade of $132.14 billion. India exported goods worth $86.51 billion to the US, while importing $45.63 billion worth of goods from the world's largest economy.

 

Goyal said that India would meet the target of $1 trillion exports in FY27, having exported goods and services worth $863 billion last year.  End

 

US$1 = INR 94.71

 

Reported by Shubham Rana

Edited by Avishek Dutta

 

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