15 October,2026 02:45 PM IST | New Delhi | mid-day online correspondent
Commerce and Industry Minister Piyush Goyal. Pic/PTI
Commerce and Industry Minister Piyush Goyal on Thursday said the first phase of the proposed India-US trade agreement had been finalised and was undergoing legal drafting, adding that the pact would be operationalised once India secured a competitive advantage over rival countries.
Speaking at an event in New Delhi, Goyal expressed hope that the legal formalities would be completed soon. He also said India and the European Union were expected to sign their free trade agreement (FTA) in December, with implementation likely in February or March 2027.
Goyal said the first tranche of the bilateral trade agreement had reached the final stages of preparation, but its implementation would depend on securing the intended competitive advantage for Indian businesses in the US market.
"US bilateral trade agreement's first tranche has been finalised and it is going through final contours, the legal drafting and we hope to be able to finalise that soon and operationalise that once we get the competitive advantage over our peer countries," Goyal said.
The proposed agreement is intended to strengthen commercial ties between the two countries. However, the minister's remarks indicate that the timing of its operationalisation remains linked to finalising the arrangements required to improve India's position against competing economies.
Goyal said the India-EU FTA would be signed in December and could come into force in February or March next year.
The proposed agreement is expected to improve market access for Indian exporters and deepen economic engagement with the 27-member European Union. Its implementation will depend on the completion of the necessary legal and procedural formalities.
Separately, addressing the SRCC Centenary Conclave in New Delhi, Goyal said India was positioned to remain the world's fastest-growing large economy over the next two decades.
"The world wants to engage with India today because they recognise the young aspirational India is going to lead global growth. It is going to be the engine of global advancement in technology and global trade," he said.
The minister attributed India's growth prospects to its young population, large consumer market and entrepreneurial activity. He said these factors could help the country strengthen its role in international trade and technological development.
Goyal said India's ambition to become a developed nation by 2047 would require sustained participation from citizens and a willingness to take responsibility for addressing national challenges.
"We will continue to be the fastest-growing large economy in the world for the next 20-25 years. Given our demographic dividend, young population and the large market that we have, we will actually be shaping how the future of the world pans out," he said.
"There's a very large segment of people that is running away from the problems. They are not willing to accept that our destiny is in our own hands. We will have to contribute to make India a developed nation by 2047," he added.
(With inputs from PTI and IANS)
