New Delhi, September 3, 2026: India and the United States are moving closer to finalising a bilateral trade agreement, with Commerce and Industry Minister Piyush Goyal indicating that preferential tariff rates for Indian exports remain a key priority in the negotiations.

The agreement has taken longer than initially expected amid changes in US tariff policies. India is seeking better market access for its exporters so that Indian products can compete more effectively with goods from countries such as Vietnam, Bangladesh and other Asian economies.

Goyal has maintained that India wants a tariff advantage over competing economies rather than merely equal treatment. Such preferential access could improve the competitiveness of Indian products in the US market and provide greater certainty to exporters.

The Commerce Ministry has also been consulting industry bodies and export promotion councils to assess the impact of current tariffs and identify market-access concerns. Exporters have urged the government to conclude the agreement quickly to reduce uncertainty and support overseas orders.

India's exports to the US stood at $87.31 billion in 2025-26, up from $86.51 billion a year earlier, while imports from the US increased to $53.45 billion. Officials believe improved tariff conditions could further strengthen bilateral trade.

Goyal is expected to visit the United States later this month for the G20 Trade Ministerial and bilateral discussions. The visit could provide another opportunity for both sides to push negotiations towards a final agreement.

The final outcome will depend on the tariff structure and the extent of preferential access offered to Indian exporters. For businesses, particularly those competing with other Asian exporters, a favourable deal could improve price competitiveness and provide a more stable trading environment.