Commerce and Industry Minister Piyush Goyal has said India and the US have finalised most elements of the first phase of the bilateral trade agreement. The two sides are proposed to finalise the details of the interim agreement and take forward the negotiations under the broader BTA on multiple areas, such as market access, non-tariff measures, customs and trade facilitation and investment promotion. India and the US issued a joint statement on February 7, finalising the framework of the first phase of the BTA, also referred to as an interim trade agreement. Both sides will now have to finalise the legal text for the deal. The framework reaffirmed the countries commitment to the broader India-US BTA negotiations. The US was the second-largest trading partner of India in 2025-26.
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