First tranche of India-U.S. FTA by November: Union Commerce Minister Piyush Goyal

The first tranche of the India-U.S. free trade agreement is expected to be finalised by November of this year, revealed Piyush Goyal, Union Commerce and Industry Minister, on Thursday.

“In February 2025, PM Modi and U.S. President Trump gave us a directive to ministers of both parties to reach a favourable agreement by fall 2025, that is, November 2025, and to finalise the first tranche of the free trade agreement by November 2025,” Goyal told reporters at a press conference in Patna. “Since March, numerous serious talks in a conducive environment have been taking place, progress is being made, and both countries are satisfied with the progress.”

Goyal’s comments come close on the heels of the growing camaraderie between Prime Minister Narendra Modi and U.S. President Donald Trump on social media. As Donald Trump wrote in a recent post announcing the continuance of negotiations on trade barriers, there has been renewed optimism about a possible bilateral deal happening soon. Trump wrote on his social media platform, Truth Social, that PM Modi is his good friend and that he feels there will not be any difficulty in arriving at a conclusion this time.

Following this, PM Modi echoed his sentiments and wrote on X, “I am confident that our trade negotiations will pave the way for unlocking the limitless potential of the India-US partnership. Our teams are working to conclude these discussions at the earliest. I am also looking forward to speaking with President Trump. We will work together to secure a brighter, more prosperous future for both our people.”

Social media is also abuzz with the possibility that the two leaders may meet on the sidelines of some global events. U.S.-India Business Council President Atul Keshap, speaking to ANI, revealed that the time was ripe for the bilateral deal to be concluded.

“There has been some talk about a possible meeting of the two leaders, possibly on the sidelines of one of the gatherings like ASEAN. It is important to keep that leader-to-leader equation, especially when the leaders are such capable and strong people who are very sure about what they want,” said Keshap.

For Keshap, there is significant potential for the partnership to enhance the well-being of citizens from both nations, particularly given the substantial Indian diaspora in the U.S.

“We believe in the partnership and the potential of us. India. We believe that all of the last the work of the last 25 years should not be squandered, and we should get it done for the happiness and well-being of both [of the nations,]” added Keshap.