New Delhi: Commerce Minister Piyush Goyal has given a big statement regarding the much awaited trade deal between India and America. He clearly said that India will finalize the bilateral trade agreement only when America gives better tariff terms to India than its competitor countries. This statement comes at a time when US Ambassador to India Sergio Gore had said that the India-US BTA is in the final stages and is almost complete in principle.
The deal will be finalized only if a better rate is received.
As soon as the US is able to give us a better rate than our competitors, we will finalize the BTA and announce the final details, Piyush Goyal said at the national workshop on FTA Outreach Program on Thursday.
In February, both the countries had announced to finalize the outline of the first phase of the agreement. But talks have moved forward again after the changing tariff scenario in the US. The US has imposed an additional 10 percent tariff on many countries including India from July 24, which has further complicated the negotiations.
Access to $60 trillion economy through 9 FTAs
Goyal said that India has so far completed 9 free trade agreements, which span economies with a GDP of about $60 trillion. This will give India better access to about two-thirds of global trade.
He said, the trade agreement with New Zealand will be implemented soon and after that the FTA with EU, which is a grouping of 27 countries, will be implemented. And as soon as America gives better rates, BTA will also be finalized.
Goyal’s US tour and competing countries
Piyush Goyal will visit America at the end of September. He will attend the G20 Trade Ministers meeting in Milwaukee and hold bilateral talks with USTR Jameson Greer to discuss a trade deal. The two-day ministerial meeting will begin from September 30. The US has the G20 presidency for 2026.
Countries like Sri Lanka, Bangladesh, Thailand, Cambodia, Vietnam, Indonesia and Malaysia are India’s major competitors in the US market. Compared to these countries, Indian goods will get a big advantage in terms of price due to benefit in tariff.
India’s exports to the US in 2025 stood at $103.82 billion, while US exports to India were $45.6 billion, taking the total bilateral trade to $149.42 billion.
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