New Delhi: Union Commerce and Industry Minister Piyush Goyal has announced that the first tranche of the proposed India-US bilateral trade agreement has been finalised and is undergoing legal drafting. He expressed hope that the remaining formalities would be completed soon, paving the way for its implementation.
Speaking on the sidelines of the Centenary Conclave inauguration at Shri Ram College of Commerce in New Delhi, Goyal said the agreement had reached an advanced stage of negotiations. He indicated that legal drafting and finalisation of the remaining details were underway.
The minister also stressed that operationalising the agreement would depend on India securing a comparable or competitive advantage over its peer countries. However, he did not disclose a specific deadline for completing the process or provide details of the sectors and products covered under the first tranche.
Goyal maintained that his latest remarks were consistent with his earlier statements on the negotiations, indicating that the government’s position remained unchanged.
The development marks progress in efforts to strengthen trade ties between India and the United States. The proposed agreement is expected to provide a framework for expanding bilateral commerce, although the precise terms of the first tranche have not been disclosed.
The ongoing legal drafting process is a significant step towards finalising the arrangement. Its eventual implementation will depend on completing the remaining formalities and meeting the conditions considered necessary by both sides.
India’s emphasis on maintaining a competitive position highlights the importance of ensuring that the agreement supports domestic industries and strengthens the country’s position in international markets.
Separately, Goyal has encouraged Canadian businesses to use India not only as a consumer market but also as a manufacturing, innovation and design base for international operations.
Addressing a trade reception in Mumbai during the Team Canada Trade Mission to India, the minister highlighted opportunities for Canadian companies to establish production facilities and expand their global reach from India.
Goyal pointed to India’s network of free trade and preferential trade agreements, which he said provided preferential market access covering economies representing approximately USD 70 trillion in global GDP.
He further stated that negotiations with eight additional countries or groups over the following 12 to 18 months could expand the combined GDP coverage of these markets by another USD 15 trillion.
The government’s broader trade strategy aims to attract investment, strengthen manufacturing and improve India’s access to international markets as negotiations with key trading partners continue.
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