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Union Commerce Minister Piyush Goyal on Wednesday indicated that discussions on the India–US Bilateral Trade Agreement are “going on very well,” but acknowledged that there are “many sensitive and serious issues” that will take time to resolve.

“Talks are going on very well. There are many sensitive issues, many serious issues, so naturally, it takes some time,” Goyal told ANI when asked to provide an update on the ongoing negotiations.

Recently, a government official stated that India and the United States were “very near” to finalising the first tranche of the ambitious Bilateral Trade Agreement (BTA). The official affirmed that both sides are converging on most issues and that negotiators are currently working on finalising the “language of the agreement.”

Talks are said to be progressing smoothly, with no new issues acting as a hurdle. Both sides remain optimistic about meeting the agreed deadlines.

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On October 23, negotiators from both countries held a virtual discussion. So far, five rounds of talks have been completed since March for the first phase of the agreement, which was initially expected to be signed by the “fall of 2025.”

Formally proposed in February following directives from leaders of both nations, the bilateral trade agreement aims to more than double trade volumes from the current USD 191 billion to USD 500 billion by 2030.

Commerce and Industry Minister Piyush Goyal was in the United States in September to lead high-level negotiations. He was accompanied by senior ministry officials, including Special Secretary and India’s Chief Negotiator Rajesh Agrawal.

In mid-September, a US delegation led by Assistant US Trade Representative for South and Central Asia, Brendan Lynch, held “positive and forward-looking” discussions with Indian officials in New Delhi. Both sides agreed to intensify efforts for an early and mutually beneficial conclusion.

Also Read: Foreign investors continue buying in Indian markets amid expectations of India-US trade deal

Over the past few months, India and the US have been actively negotiating an interim trade deal. However, trade relations have faced headwinds since US President Donald Trump announced 25 per cent tariffs on Indian goods effective August 1.

A few days later, he imposed an additional 25 per cent tariff — taking the total to 50 per cent — citing India’s continued imports of Russian oil. These tariffs came into effect on August 27. President Trump has imposed reciprocal tariffs on dozens of countries with which the US runs a trade deficit. The India–US talks are being closely watched as both nations seek to balance economic interests with geopolitical considerations amid evolving global trade dynamics.