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India-US trade agreement’s first phase finalized, legal drafting underway: Goyal
Oct-16-2026

Commerce and Industry Minister Piyush Goyal has said the first phase of the India-US trade agreement has been finalized and is undergoing legal drafting. Goyal expressed optimism that the legal drafting would be completed soon and operationalized once India secures a competitive advantage over its peer countries.

The minister added that his remarks on the US-India pact “are consistent and exactly what I've said yesterday and what I said a week ago and what I said three months ago. So nothing new in that.” Moreover, He said the free trade agreement between India and the European Union will be inked in December and would come into force from February or March next year.

Meanwhile, India's outbound shipments to the US grew marginally by 0.92 per cent to $87.3 billion during the last fiscal year despite high tariffs, while imports increased 15.95 per cent to $52.9 billion. The trade surplus declined to $34.4 billion in 2025-26 from $40.89 billion in 2024-25.

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