Goyal’s remarks came after the February announcement of a framework for an interim trade agreement between India and the United States. He emphasized that the global trade landscape has shifted, especially with recent changes in U.S. tariff policy, necessitating adjustments before the pact can be finalized.
The first phase of the bilateral trade agreement (BTA) focuses on tariff reductions for Indian goods, aiming to secure a comparative advantage pledged in February. However, the U.S. has imposed higher tariffs on certain goods that compete with Indian exports, prompting India to seek concessions.
Goyal met with U.S. Trade Representative Jamieson Greer at the G20 trade ministers’ meeting in Milwaukee, where they reviewed the fine print of the proposed pact. He also briefed industry bodies, noting that the final decision will take into account the evolving circumstances.
India is simultaneously advancing trade talks with other partners, including Canada, the U.K., and the Gulf Cooperation Council. Negotiations with Canada appear to be moving faster, while talks with the South African Customs Union and Mexico are slated to begin next week.
The trade ministers of the U.K. and Canada are scheduled to visit India next week, with a joint economic and trade committee meeting in Delhi. The visits are part of a broader strategy to keep momentum on the BTA and diversify India’s trade portfolio.
The next key milestone is the circulation of the draft agreement to the Indian Parliament for approval, expected by mid‑November, after which a signing ceremony will likely take place in December.