India seeks preferential US trade terms before finalising bilateral pact

India's bilateral trade agreement with the United States remains contingent on Washington providing preferential terms relative to the country's competitors, Commerce and Industry Minister Piyush Goyal said Thursday.

"As soon as the US is able to give us the preferential rate in comparison to our competition, we will finalise the BTA and announce the final details," Goyal stated while addressing a workshop on free trade agreements.

The minister highlighted that India's existing free trade pacts have unlocked substantial export opportunities for domestic businesses, underscoring New Delhi's commitment to expanding trade through bilateral and regional arrangements.

Beyond the US negotiations, India is advancing trade discussions with multiple countries and blocs. Goyal said the nation expects to conclude agreements in the coming months or years with Canada, Mexico, Chile, Mercosur—a Brazil-led grouping—the Southern African Customs Union led by South Africa, the Gulf Cooperation Council comprising six Middle Eastern nations, and Israel.

These expanding trade partnerships reflect India's strategy to diversify its export markets and secure competitive commercial terms across multiple regions.