India
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Goyal links India-US trade pact to preferential rates
The Hindu··3 Sept
Commerce Minister Piyush Goyal said India will finalise the US Bilateral Trade Agreement once Washington offers preferential rates versus competitors. India exported about USD 87 billion in goods to the US in 2025-26. He said April-July exports reached about $317 billion, against $280 billion a year earlier. Goyal will visit the US in late September for the G-20 Trade Ministerial.
Prism
What It Means For You
- Indian exporters competing with Vietnam, Bangladesh and others in the US market remain on current US tariff terms until a preferential rate is offered.
- Goyal said India has set a $1 trillion export target for the current year; April-July exports were about $317 billion.
- MSMEs and first-time exporters were the stated audience for a commerce ministry FTA utilisation workshop in New Delhi.
What's Happening
- Goyal said the BTA details will be announced after preferential terms relative to competitors are secured.
- India and the US announced a first-phase framework in February; an additional 10 percent US tariff applied from July 24.
- He is due in Milwaukee for the G-20 Trade Ministerial starting September 30 and talks with USTR Jamieson Greer.
Where The Pact Stands
- India has implemented trade pacts with the UK, Mauritius, Oman, UAE and Australia; Goyal said a New Zealand pact will go live soon.
- He listed further talks with Canada, Mexico, Chile, Mercosur, SACU, the GCC and Israel.
- Hindustan Times reported that an earlier framework discussed reducing US tariffs on India to a total of 18 percent.
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