India-US trade deal to be finalised once 'preferential rate' is offered, says Piyush Goyal

India and the United States first announced their trade deal in February 2026. A tentative framework of the pact was announced by US President Donald Trump.

Updated on: Sep 3, 2026, 18:17:41 IST

By HT News Desk

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The bilateral trade agreement between India and the United States will be finalised once Washington offers the preferential rate, said union commerce and industry minister Piyush Goyal on Thursday.

Goyal's remarks also come in light of India signing a series of historic trade pacts with the UK, Oman, the United Arab Emirates, Australia and Mauritius. (ANI)

Speaking to reporters, the union minister added that the deal will be announced after the US offers India the proper terms, compared to other competitors.

"As soon as the US is able to give us the preferential rate, in comparison to our competition, we will finalise the BTA and announce the final details," Goyal was quoted as saying by news agency PTI at a workshop on free trade agreements.

Goyal's remarks also come in light of India signing a series of historic trade pacts with the UK, Oman, the United Arab Emirates, Australia and Mauritius.

Also Read | India, US working to conclude trade agreement early: Govt

Where the India-US deal stands

India and the United States first announced their trade deal in February 2026. A tentative framework of the pact was announced by US President Donald Trump, and prime minister Narendra Modi

Under this, the US would reduce its tariffs on India to a total of 18 per cent. This was done in view of the 50 per cent tariffs charged against India as a "counter tariff" and for "fueling the war in Ukraine" due to New Delhi's purchase of Russian oil and petroleum.

Earlier this year, US Ambassador to India Sergio Gor and Goyal stated that the last one per cent of the trade deal is to be finalised, following which the documents will be signed.

However, with the deal yet to be formalised, the US announced an additional 10 per cent tariffs on countries, including India, from July 24 onwards.

Also Read | US slaps 10 per cent tariffs on goods imported from India on issue forced labour

Goyal to visit US for G20, discussions on pact

Amid the negotiations between Washington and New Delhi, Piyush Goyal is set to visit the US in late September for the G20 Trade Ministerial in Milwaukee.

"The United States and India are working very closely together; a lot is happening. The Minister will be travelling for the G20 meetings, just in a few weeks, in the United States. We look forward to having him in the United States," said Gor.

During this visit, Goyal will hold talks with his US counterpart, trade representative Jamieson Greer, to discuss the trade deal.

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HT News Desk
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