India-US trade deal hinges on preferential rates to beat competition, says Piyush Goyal
Goyal noted that India’s exports reached approximately $317 billion between April and July, recording an increase of $36-37 billion over the same period last year. This surge comes alongside a robust first-quarter GDP growth of 7.8% at constant prices.
- Sep 3, 2026,
- Updated Sep 3, 2026 3:11 PM IST
In a decisive stance on global trade partnerships, Union Minister of Commerce and Industry Shri Piyush Goyal announced that India’s Bilateral Trade Agreement (BTA) with the United States will be finalized and announced once Washington secures tariff rates that give Indian exporters a clear edge over regional competitors.
Speaking at the National Workshop on "Leveraging FTAs an Outreach Programme" in New Delhi, Goyal urged a nationwide drive to maximize Free Trade Agreement (FTA) benefits across all 780 districts, reaching every MSME, startup, and woman entrepreneur to expand India's global footprint.
Highlighting the momentum, Goyal noted that India’s exports reached approximately $317 billion between April and July, recording an increase of $36-37 billion over the same period last year. This surge comes alongside a robust first-quarter GDP growth of 7.8% at constant prices.
Urging stakeholders not to be guided by "naysayers," the Minister pointed out that the GDP figures are determined through an independent, ground-up process run by the Ministry of Statistics.
India currently operates nine FTAs spanning economies worth roughly $60 trillion in combined GDP, offering preferential market access to nearly two-thirds of global trade. With agreements under negotiation or review — including those with Canada, Mexico, Chile, Mercosur, SACU, GCC, and Israel — India is positioned to gain access to 75% of global trade at rates lower than its competitors.
Addressing past trade hurdles, Goyal contrasted India's current positioning against key regional competitors. He noted that in sectors like textiles, India long struggled against Bangladesh and Vietnam due to their LDC status or bilateral FTAs. Now, having secured better tariff rates across major developed markets, Goyal remarked, "The ball is now entirely in our court". He stressed that success moving forward will hinge strictly on scale, quality, timely delivery, and customer trust.
The minister outlined key operational timelines, noting that the India-UK FTA went live on July 15, joining active pacts with Mauritius, Oman, the UAE, and Australia. Pacts with the EFTA block, New Zealand, and the 27-nation European Union are slated to follow.
On the Bilateral Trade Agreement (BTA) with the United States, Goyal stated that finer details will be finalised once preferential rates relative to competitors are secured.
To support exporters, the government is rolling out concrete measures, including priority allocations and plug-and-play facilities in 100 upcoming BHAVYA parks, alongside export credit and compliance support via the Export Promotion Mission.
Refusing to lower ambitions despite recent global shocks, Goyal reinforced the nation's long-term horizon. He urged stakeholders to stay laser-focused on the $1 trillion export target for the current year and the ultimate goal of reaching $2 trillion by 2030, laying the groundwork for a $30 trillion economy by 2047.
In a decisive stance on global trade partnerships, Union Minister of Commerce and Industry Shri Piyush Goyal announced that India’s Bilateral Trade Agreement (BTA) with the United States will be finalized and announced once Washington secures tariff rates that give Indian exporters a clear edge over regional competitors.
Speaking at the National Workshop on "Leveraging FTAs an Outreach Programme" in New Delhi, Goyal urged a nationwide drive to maximize Free Trade Agreement (FTA) benefits across all 780 districts, reaching every MSME, startup, and woman entrepreneur to expand India's global footprint.
Highlighting the momentum, Goyal noted that India’s exports reached approximately $317 billion between April and July, recording an increase of $36-37 billion over the same period last year. This surge comes alongside a robust first-quarter GDP growth of 7.8% at constant prices.
Urging stakeholders not to be guided by "naysayers," the Minister pointed out that the GDP figures are determined through an independent, ground-up process run by the Ministry of Statistics.
India currently operates nine FTAs spanning economies worth roughly $60 trillion in combined GDP, offering preferential market access to nearly two-thirds of global trade. With agreements under negotiation or review — including those with Canada, Mexico, Chile, Mercosur, SACU, GCC, and Israel — India is positioned to gain access to 75% of global trade at rates lower than its competitors.
Addressing past trade hurdles, Goyal contrasted India's current positioning against key regional competitors. He noted that in sectors like textiles, India long struggled against Bangladesh and Vietnam due to their LDC status or bilateral FTAs. Now, having secured better tariff rates across major developed markets, Goyal remarked, "The ball is now entirely in our court". He stressed that success moving forward will hinge strictly on scale, quality, timely delivery, and customer trust.
The minister outlined key operational timelines, noting that the India-UK FTA went live on July 15, joining active pacts with Mauritius, Oman, the UAE, and Australia. Pacts with the EFTA block, New Zealand, and the 27-nation European Union are slated to follow.
On the Bilateral Trade Agreement (BTA) with the United States, Goyal stated that finer details will be finalised once preferential rates relative to competitors are secured.
To support exporters, the government is rolling out concrete measures, including priority allocations and plug-and-play facilities in 100 upcoming BHAVYA parks, alongside export credit and compliance support via the Export Promotion Mission.
Refusing to lower ambitions despite recent global shocks, Goyal reinforced the nation's long-term horizon. He urged stakeholders to stay laser-focused on the $1 trillion export target for the current year and the ultimate goal of reaching $2 trillion by 2030, laying the groundwork for a $30 trillion economy by 2047.