Commerce and Industry Minister Piyush Goyal has stated that the first phase of the proposed bilateral trade agreement between India and the United States is close to completion. He noted that ongoing discussions are focused on finalising the remaining technical details and establishing a framework that would allow India improved and preferential access to the US market compared to other competing nations.
Goyal made these remarks on the sidelines of the India Korea Business Forum in New Delhi, ahead of the resumption of trade negotiations in Washington DC. He confirmed that Indian and US officials will continue discussions on the Bilateral Trade Agreement during their meetings scheduled in the American capital.
He explained that both sides are working to close the final gaps in the agreement while defining the mechanisms that would enable more favourable market access for Indian exporters. The aim is to strengthen trade ties and ensure mutually beneficial outcomes under the evolving economic partnership between the two countries.
According to officials, the Indian trade delegation is visiting the United States from April 20 to 22, with negotiations set to resume as part of efforts to advance the broader trade framework. Earlier, both countries had announced an interim trade arrangement in February, which laid the groundwork for a comprehensive bilateral trade agreement focused on increasing market access and strengthening supply chain resilience.
The larger agreement is part of a long-term trade vision initially launched by the leadership of both countries, aimed at enhancing economic cooperation and expanding bilateral trade flows.
During the same event, Goyal also addressed India’s trade engagement with South Korea. He said both nations have agreed to restart discussions on a Comprehensive Economic Partnership Agreement. He noted that the existing agreement, signed in 2010, has not delivered expected benefits for India and may require significant revision or replacement.
He added that both sides are considering options ranging from upgrading the current framework to drafting a completely new free trade agreement aligned with modern economic needs. The objective, he said, is to build a more balanced and contemporary trade structure.
Goyal also highlighted proposals for deeper industrial collaboration, including the creation of a Korean industrial township in India and several large investment commitments in sectors such as steel, green energy, technology, and consumer goods. He described the ongoing developments as a significant step forward in strengthening India’s global trade partnerships.
