India US concludes most of discussions for proposed bilateral trade pact: Piyush Goyal
Union Commerce Minister Piyush Goyal has said that most of the discussions between India and the US on the proposed bilateral trade deal have been completed, and the two sides are now fine-tuning the agreement. Goyal's statement came days after US Secretary of State Marco Rubio said that India and US have ‘extraordinary alignment’ on the core issues and ‘very, very close’ to signing a bilateral trade deal, with only a few points to be ironed out.
India and the US, in February, announced finalisation of the framework for the first phase of the bilateral trade agreement (BTA). However, changes in the tariff landscape in the US have led to further negotiations on the pact. Besides, Goyal said India has concluded nine free trade agreements in the last four and a half years.
In 2025, the bilateral trade between two countries stood at $149.42 billion. During the year, India's total goods exports to the U.S. reached $103.82 billion, while US exports to India totalled around $45.6 billion. Further, the bilateral services trade in 2025 was recorded $92.23 billion, where India exported $48.67 billion worth of services to the US and imported $43.56 billion worth of services from the US.
