First Tranche of India-US Trade Agreement Likely by November, Says Piyush Goyal

Patna: Commerce Minister Piyush Goyal on Thursday said the first tranche of a trade agreement between India and the United States is expected to be finalised by November 2025. He said both Prime Minister Narendra Modi and US President Donald Trump had, in February this year, directed their respective ministers to conclude a “good agreement” by November.

Speaking to reporters in poll-bound Bihar, Goyal said that since March the two sides had been discussing the contours of the deal in a “very good environment” and that significant progress had already been made. “Both sides are satisfied with the way discussions are moving forward,” he added.

“In February 2025, Prime Minister Narendra Modi and President Trump together instructed us that the ministers of both sides should make a good agreement by November 2025. The first part of that agreement, the first tranche, should be finalised by November 2025, and since March, discussions have been going on on this subject very seriously in a very good environment, progress is being made, and with the progress, both sides are satisfied,” he told reporters.

His remarks came days after a positive social media exchange between the two leaders. Trump had posted that India and the United States were continuing negotiations to address trade barriers and said he looked forward to speaking with Modi, expressing confidence that both countries would reach a successful conclusion. Modi responded by voicing optimism about the talks and said he was confident they would help unlock the true potential of the India-US partnership.

The renewed momentum in trade talks comes against the backdrop of the US imposing steep tariffs on India’s imports of Russian oil, levying a combined 50 per cent duty — a 25 per cent baseline and an additional 25 per cent punitive charge.