India eyes preferential access to gain global trade edge: Goyal

US TRADE DEAL | Negotiations advance to unlock better market access for exporters

Informist

New Delhi

The Central government is working with the US to ensure a comparative advantage for Indian exports as part of the proposed bilateral trade deal, Commerce and Industry Minister Piyush Goyal said on Monday. The minister said "by and large, things are sorted out" regarding the first tranche of the trade deal. "My interest is that it should get completed tomorrow," Goyal said at the Republic World Summit. "The faster, the better because that quickly we can start exporting goods to the US." 

India and the US had on Feb 7 issued a joint statement, agreeing on a framework for an interim agreement for mutually beneficial trade, but are yet to finalise the first phase of the trade agreement. US Trade Representative Jamieson Greer will arrive in India later on Monday to put the final touches on the trade talks. 

A US team visited New Delhi in early June and held "constructive and positive discussions" with the Indian side on a wide range of issues, including merchandise trade and non-tariff measures and concluding the trade agreement. On June 5, Goyal said he expected India and the US to close the first tranche of the proposed trade agreement by mid-July. 

Goyal said on Monday that the first tranche of the trade agreement has taken longer than expected since the deal had to be reworked after the US Supreme Court struck down US President Donald Trump's reciprocal tariffs, terming them illegal. 

"The US trade deal took longer than was originally expected and we also had a period when there were 50% tariffs on India. Despite all of these areas of concern, and there were significant issues at that time, India persevered to protect our interest of farmers, MSMEs, fishermen," Goyal said. "We were very clear that there are certain red lines that we will not cross." 

Despite the 50% tariffs imposed on India for a large part of 2025-26 (Apr-Mar), India's trade with the US remained robust. The US was India's biggest trade partner in FY26, with total trade of $132.14 billion. India exported goods worth $86.51 billion to the US, while importing $45.63 billion worth of goods from the world's largest economy. 

‘India offers unique and unparalleled economic opportunities to world’

India today offers unique and unparalleled economic opportunities to the world, Commerce and Industry Minister Piyush Goyal said on Monday while highlighting Prime Minister Narendra Modi's vision of positioning the country as a trusted global economic partner. 

Speaking at the Republic Summit 2026, Goyal said India's growing role in global supply chains and its nation-first trade policies have made the country an increasingly attractive destination for businesses worldwide.

"India is poised to play an increasingly important role in global supply chains as companies across the world seek reliable and dependable partners," Goyal mentioned. "The country's economic rise has created unprecedented opportunities for investors, traders, exporters and businesses," Goyal added.