‘To be finalised in line with changed circumstances’: Piyush Goyal on India-US trade deal

India and the US will finalise their interim trade agreement framework in line with changing circumstances, commerce and industry minister Piyush Goyal said on Saturday, indicating that negotiations on the first phase of the bilateral trade agreement (BTA) are continuing.

The two countries announced a framework for an interim trade agreement in February. However, Goyal said the situation had since changed and would have to be considered before the pact is finalised. “USA (trade pact) February me announce hua. Thodi paristhitiyan badli hain, usko abhi madde nazar rakhte hue final hoga,” Goyal said while addressing members of industry chamber PHDCCI.

The shifts in the US tariff landscape have led to further negotiations on the first phase of the trade agreement. India is seeking lower tariffs for its goods than those faced by competing countries in the American market. This comes a day after Goyal said on Friday that trade negotiations with the US were progressing steadily, with both sides working on the fine print.

Speaking at the ET Startup Awards 2026 in Bengaluru, he said the key issue was securing the comparative advantage for Indian goods that the two countries had agreed upon in February. “The key issue is how the US will give us the comparative advantage we had agreed upon in Feb. That requires legal expertise, which AI cannot provide, because this goes beyond the textbook. That is what we are working on,” Goyal said.

Meanwhile, earlier this month, Goyal met US Trade Representative Jamieson Greer on the sidelines of the G20 trade ministers’ meeting in Milwaukee, where the two discussed issues related to the proposed pact. Goyal also outlined India's wider trade negotiations, saying talks were under way with several countries and regional groupings, including Israel, Chile, the Gulf Cooperation Council (GCC) and the Russia-led Eurasian Economic Union (EAEU).

Negotiations with Canada are progressing at a faster pace, while talks on an agreement with the South African Customs Union (SACU) are expected to begin soon. Discussions with Mexico are scheduled to be launched next week, he said. The minister added that the trade ministers of the UK and Canada would visit India next week. The UK minister's visit will include the India-UK Joint Economic and Trade Committee (JETCO) meeting. India and the UK implemented their trade agreement in July.

His remarks came after US Trade Representative Jamieson Greer said a deal was not imminent and Finance Minister Nirmala Sitharaman said negotiations had reached a plateau.