Piyush Goyal Says India-us Bilateral Trade Agreement Now Being Fine-tuned After Talks Conclude

India and the United States have concluded most discussions for a proposed bilateral trade pact and are now fine-tuning the agreement, Commerce and Industry Minister Piyush Goyal said today. Speaking at the India-Netherlands Business Forum in The Hague, Goyal confirmed the deal has moved into its final stages after months of intensive negotiations between the two nations.

The minister is on a two-day official visit to the Netherlands, accompanying a business delegation of around 100 businesses and startups. During his address, he highlighted that India has concluded nine free trade agreements in the last four and a half years, demonstrating the country's growing engagement in global trade partnerships.

India and the US announced finalisation of the framework for the first phase of the bilateral trade agreement in February this year. However, changes in the tariff landscape in the United States have led to further negotiations on the pact. The agreement aims to more than double bilateral trade to 500 billion dollars by 2030, up from the current record of approximately 240 billion dollars.

The proposed deal is expected to provide Indian exporters with preferential access to the American market, potentially offering an edge over global competitors. India has also indicated its intention to purchase 500 billion dollars worth of US energy products, aircraft and aircraft parts, precious metals, technology products and coking coal over five years. In return, India will eliminate or reduce tariffs on US industrial goods and a range of food and agricultural products.