India, US may close 1st tranche of trade deal by mid-July, says Piyush Goyal
This story was originally published at 17:47 IST on 5 June 2026
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--Trade minister: Had excellent discussions with US team on trade agreement
--CONTEXT: Trade Minister Goyal's comments at press meet in Visakhapatnam
--Trade minister: Fast moving to close all open ends in India-US trade pact
--Trade minister: Might be able to close US trade pact 1st tranche next month
--Trade minister:To get preferential access over competitors in US trade deal
--Trade minister: Expect higher level US delegation to visit India end-June
NEW DELHI – Commerce Minister Piyush Goyal Friday said he expects India and the US to close the first tranche of the proposed trade agreement by the middle of next month. Goyal said the Indian and US negotiation teams held excellent discussions on the trade agreement this week in New Delhi and he expects a higher delegation from the US to visit India by the end of June.
"We are fast moving towards closing all the open ends and I think sometime by the middle of next month or so we should be in a position to execute a very very vibrant first tranche," Goyal told reporters in Visakhapatnam. "It is only the first tranche of our bilateral trade agreement, which will give preferrential access to India over our competitors."
The two countries 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. The US was India's biggest trade partner in 2025-26 (Apr-Mar), 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.
US Ambassador to India Sergio Gor Wednesday said the interim trade agreement between the two countries should hopefully be finalised in the next several weeks. Gor said 99% of the interim trade pact was in place and the last 1% was left to be finalised. End
US$1 = INR 94.95
Reported by Shubham Rana
Edited by Avishek Dutta
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