NEW DELHI, India — India and the United States are “nearing closure” on the first phase of the long-anticipated Bilateral Trade Agreement (BTA), Commerce Secretary Rajesh Agrawal said on Monday, raising hopes for a significant breakthrough in trade relations between the two nations.
Speaking to reporters, Agrawal noted that steady progress has been made through ongoing virtual discussions. While no formal timeline has been set, the talks for the first tranche are moving “swiftly,” he said.
The momentum follows recent positive statements from U.S. President Donald Trump. Last week, Trump said his discussions with Indian Prime Minister Narendra Modi were “going great” and hinted at a visit to New Delhi next year. On Monday, Trump added that he plans to “lower tariffs” imposed on India “at some point,” signaling potential movement on pending trade issues.
“I think we’re pretty close to doing a deal (with India) that’s good for everybody,” Trump said during a ceremony at the swearing-in of Sergio Gor as the new U.S. Ambassador to India.
While Indian officials have expressed optimism, Commerce Minister Piyush Goyal stressed that India would not sacrifice the interests of its farmers, dairy producers, or workers in the process.
“We are working on a fair, equitable and balanced trade deal,” Goyal said, adding that the timing of the agreement would depend on mutual readiness. “The trade deal can happen tomorrow, it can happen next month, it can happen next year… but as a government, we are preparing for any contingency.”
As part of efforts to address U.S. concerns over trade imbalance, India has increased imports of American oil and gas. On Monday, Petroleum Minister Hardeep Singh Puri announced that India’s public sector oil companies have finalized a one-year structured contract to import around 2.2 million tonnes of liquefied petroleum gas (LPG) annually from the U.S. Gulf Coast starting in 2026.
This deal represents roughly 10 percent of India’s yearly LPG imports and marks the country’s first structured LPG contract with the U.S. “This is a historic development,” Puri said, noting that it opens the growing Indian LPG market to American suppliers. (Source: IANS)
