First Tranche Of India-US Trade Deal Likely By November 2025: Commerce Minister Piyush Goyal After Trump-Modi Truce

Union Minister Piyush Goyal on Thursday (11 September) said the first tranche of the much-awaited India-US trade agreement is expected to be finalised by November 2025, reflecting steady progress in bilateral negotiations.

Speaking at a press conference in Patna, Goyal recalled, “In February 2025, Prime Minister Narendra Modi and President Trump together instructed us that the ministers of both sides should make a good agreement by November 2025. The first part of that agreement, the first tranche, should be finalised by November 2025, and since March, discussions have been going on very seriously in a good environment. Progress is being made, and with the progress, both sides are satisfied.”

His remarks came as officials from New Delhi and Washington continue to work on easing tariff and market-access barriers.

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US President Donald Trump recently signalled optimism on Truth Social, writing, “I am pleased to announce that India and the United States of America are continuing negotiations to address the Trade Barriers between our two nations. I look forward to speaking with my very good friend, Prime Minister Modi, in the upcoming weeks. I feel certain that there will be no difficulty in coming to a successful conclusion for both of our Great Countries!”

Earlier, Trump had described India-US relations as a “very special relationship,” assuring there was “nothing to worry about.”

Prime Minister Modi echoed the sentiment on X, noting, “India and the US are close friends and natural partners. I am confident that our trade negotiations will pave the way for unlocking the limitless potential of the India-US partnership… We will work together to secure a brighter, more prosperous future for both our people.”

The talks come amid global economic uncertainty and new US tariffs on Indian imports, including an additional levy tied to New Delhi’s purchases of Russian crude oil.

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