India-US FTA talks concluded, first tranche being fine-tuned: Goyal

Union Commerce and Industry Minister Piyush Goyal on Friday said negotiations on the India-US free trade agreement have been concluded, with the two countries now fine-tuning the first tranche of the bilateral trade agreement.

Goyal said India was waiting for the United States to provide the framework for preferential tariffs for Indian exports, amid continued uncertainty over US tariffs.

“As I’ve often mentioned to you, we have closed the negotiations on the India-US free trade agreement,” Goyal said. He added that the first tranche would reflect the initial set of proposals agreed upon by both sides, while some details were still being finalised.

Goyal said preferential market access was critical to making any trade agreement attractive. India wants the tariff on its exports to the US to be lower than those faced by competing countries.

“Given the uncertainties on tariffs in the United States, we are waiting for the US to provide the necessary framework under which India will get a preferential tariff for our exports to the US,” he said.

The minister said India and the US were in agreement on the issue and remained in continuous dialogue. He also said he had recently spoken with his US counterpart and that both sides were committed to reaching a “very fair, equitable, and balanced” first tranche of the agreement.

Goyal ruled out rushing the negotiations to meet an artificial deadline, saying India would prioritise the interests of domestic sectors.

“We never negotiate with a deadline until we get the best deal for our farmers, fishermen, MSMEs, startups, women entrepreneurs, for our youth,” he said.