India-US trade talks progressing, framework Deal may boost exports: Piyush Goyal

India’s Commerce and Industry Minister Piyush Goyal on Wednesday said that talks with the United States on a proposed bilateral trade agreement are progressing, with the US negotiation team currently in New Delhi for discussions.

“Talks are continuously progressing with them. We are moving forward towards a bilateral trade agreement,” Goyal told reporters at the Pravasi Rajasthani Divas , adding that he may meet the visiting US officials.

The US delegation , led by Deputy U.S. Trade Representative Rick Switzer , is in India for a two-day round of negotiations with Indian counterparts. Discussions also involve Assistant U.S. Trade Representative Brendan Lynch , the US chief negotiator for the pact, and India’s chief negotiator, Joint Secretary Darpan Jain , alongside Commerce Secretary Rajesh Agrawal .

The visit is significant as India and the US are working to finalise the first tranche of the pact , which aims to address trade barriers, including a 25% tariff and an additional 25% penalty imposed on Indian goods due to India’s purchase of Russian crude oil. The US team had previously visited India on September 16 , while Goyal led delegations to the US in May and September 2025 .

India is engaged in two parallel negotiations : a framework trade deal to address tariffs and a comprehensive bilateral trade agreement . The framework deal, if finalised, is expected to ease tariff-related restrictions , stabilise trade relations, and improve export competitiveness , potentially reversing the recent decline in Indian merchandise exports to the US, which fell 8.58% to USD 6.3 billion in October 2025 .

The bilateral pact is part of a broader strategy to more than double India-US trade to USD 500 billion by 2030 , from the current USD 191 billion . The US remained India’s largest trading partner for the fourth consecutive year in 2024-25 , with bilateral trade valued at USD 131.84 billion , including USD 86.5 billion in Indian exports . The US accounts for 18% of India’s total goods exports, 6.22% of imports, and 10.73% of total merchandise trade .

According to exporters, the talks are critical for India’s export performance , as the framework deal will reduce trade barriers, provide predictability in the market , and restore confidence among exporters and US buyers. A successful agreement would enable Indian businesses to plan shipments, secure contracts, and increase demand in the US market in the coming months.

Since February 2025, when leaders of both countries directed officials to negotiate the trade agreement, six rounds of discussions have been held , signalling steady progress toward resolving tariff challenges and strengthening bilateral trade ties.

India and the US are working toward a mutually beneficial agreement that balances trade interests, supports exporters, and contributes to the long-term growth of bilateral commerce.