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Informist, Thursday, Jun. 25, 2026

 

--Trade Minister Goyal: India-US trade deal very close 

--CONTEXT: Trade Minister Goyal speaking at India Global Forum in London 

--Goyal: India-US trade deal depends on how US gives competitive advantage 

--Goyal: The day US gives competitive advantage to India, trade deal is on 

 

NEW DELHI – India will not enter into a trade agreement with the US until it secures competitive advantage in the deal, Commerce and Industry Minister Piyush Goyal said Thursday, a day after concluding discussions with US Trade Representative Jamieson Greer.

 

"We obviously have to have some reason to be able to enter into force that agreement that we have already agreed upon, and to ensure that we get a competitive advantage over what is being paid by countries in the same stage of development, or same cost structures as India, so whether it's Vietnam, Thailand, Philippines, Indonesia, Malaysia, China," Goyal said at the India Global Froum in London, UK. "And until the framework of getting that competitive advantage can be finalised, we can't enter into force a US deal."

 

Discussion between India and the US are currently on how the US will find the appropriate tools and legal backing to give New Delhi competitive advantage over competing nations, Goyal said. "The day that happens, the deal is on."

 

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. Goyal said the Feb. 7 statement was based on the 50% reciprocal tariff imposed by the US at the time. But after the US Supreme Court struck down US President Donald Trump's reciprocal tariffs, the trade agreement had to be reworked to focus on India getting preferential access, Goyal said.

 

Goyal, after meeting US Trade Representative Greer Wednesday, had said that negotiations to finalise an interim trade deal between India and the US are advancing in a "constructive and forward-looking manner". On Jun. 5, the Indian trade minister had said he expected India and the US to close the first tranche of the proposed trade agreement by mid-July.

 

Goyal and Greer earlier this week conducted a comprehensive review of core bilateral trade agreement elements, including enhanced market access, digital trade, supply chain resilience, reduction of non-tariff barriers, and expanded cooperation in strategic sectors, the commerce ministry said in a press release Wednesday.

 

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 and imported $45.63 billion worth of goods from the world's largest economy.  End

 

US$1 = INR 94.40

 

Reported by Shubham Rana

Edited by Akul Nishant Akhoury

 

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