New Delhi

Commerce Secretary Rajesh Agrawal on Thursday said that the first tranche of the India–US Bilateral Trade Agreement (BTA) is close to being finalised, though he refrained from specifying a timeline for its announcement.

“There are ongoing engagements, and negotiating teams from both sides are holding virtual discussions on the remaining issues. However, we cannot commit to a deadline. It is very near and will be announced when both sides feel the time is right,” Agrawal told reporters.

He said discussions gained momentum following meetings held in December last year, when a US delegation led by Ambassador to India Sergio Gor and Deputy US Trade Representative Rick Switzer met Commerce Minister Piyush Goyal on December 10, 2025, and later interacted with the Commerce Secretary at Vanijya Bhawan on December 11.

Agrawal noted that India’s exports to the United States have continued to show resilience despite elevated tariff levels.

“Exports are still maintaining a positive trend, at around USD 7 billion per month, even with high tariffs. We are focusing on sectors with lower tariffs, and where tariffs exist, Indian industry has shown the ability to sustain supply chains,” he said.

Addressing concerns over additional tariffs imposed by the US administration, the Commerce Secretary said apprehensions of a sharp export slowdown had not materialised.

On energy trade, Agrawal said India continues to source crude oil primarily from traditional suppliers in the Middle East but has significantly increased imports from the United States.

“We are buying more oil from the US these days, and imports from there have gone up,” he said, adding that energy trade remains a sensitive issue in ongoing negotiations, as the US is keen on expanding its energy exports to India. India currently imports more than 80 per cent of its energy requirements.

Commenting on potential trade disruptions linked to Iran, Agrawal said India’s trade exposure with the country remains limited.

“We are monitoring the situation. Once more details are available, we will examine the implications,” he said.

Providing an update on India–Canada trade engagement, Agrawal said both sides have resumed dialogue and are working towards finalising the Terms of Reference for a mutually beneficial trade agreement.

“There has been a positive decision to re-engage, and discussions are underway to restart negotiations,” he said.

India is currently negotiating multiple trade agreements to expand market access and strengthen long-term economic growth. Officials said the coming months could prove decisive, with outcomes likely to influence India’s position in the global trade framework.

India and the US had earlier aimed to conclude the first tranche of the BTA by the fall of 2025, but shifts in US trade policy, including new tariff measures, delayed progress.

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The bilateral trade agreement, proposed in February following directions from the leadership of both countries, aims to more than double India–US trade from USD 191 billion to USD 500 billion by 2030. The talks were formally announced during Prime Minister Narendra Modi’s visit to Washington in February 2025.