Commerce and Industry Minister Piyush Goyal said on Saturday, 10 October 2026, that the proposed interim trade agreement between India and the United States will be finalised keeping changed circumstances in mind. He was speaking to members of the PHD Chamber of Commerce and Industry (PHDCCI) in New Delhi. The framework for the pact was announced in February 2026.
What the minister said
Mr Goyal spoke in Hindi. According to the report of the event carried by ETV Bharat, his words were: "USA (trade pact) February me announce hua. Thodi paristhitiyan badli hain, usko abhi madde nazar rakhte hue final hoga." In English: the pact with the USA was announced in February; some circumstances have changed, and it will be finalised keeping that in view.
He did not say which circumstances he meant. News On AIR, the public broadcaster's news service, reported that the February framework is being reassessed because of changes in the US tariff landscape, and that India is seeking more favourable tariff terms so that Indian goods stay competitive in the American market.
Neither report gives a new date for concluding the agreement, and no tariff rates were mentioned at the event.
Why it matters
The duty charged on Indian products in the United States, compared with the duty charged on rival suppliers, decides how competitive Indian exporters are in that market. That is the point of India's request for better tariff terms. An interim deal is meant to be the first phase of a wider bilateral trade agreement between the two countries.
The minister's remark means that the terms set out in February are not being treated as final. For exporters and importers, the practical position is unchanged for now: the interim agreement has not been concluded, and any change in duties depends on what the two governments finally announce.
Earlier in October, Mr Goyal met US Trade Representative Jamieson Greer on the sidelines of the G20 trade ministers' meeting in Milwaukee, where issues related to the pact were discussed, according to the ETV Bharat report.
Other trade talks in progress
Mr Goyal also gave an update on India's other negotiations:
- Canada: talks are moving at a faster pace than the others.
- Mexico: trade discussions are scheduled to begin next week.
- Southern African Customs Union (SACU): talks are expected to start shortly.
- Israel, Chile, the Gulf Cooperation Council and the Eurasian Economic Union: negotiations are continuing.
He said several countries are keen on trade agreements with India.
Visits next week
The trade ministers of the United Kingdom and Canada are due to visit India next week. The UK minister's visit includes a meeting of the India-UK Joint Economic and Trade Committee (JETCO). The India-UK trade agreement came into effect in July.
Key points
- Date and place: 10 October 2026, PHDCCI event, New Delhi.
- The India-US interim trade framework of February 2026 is being reassessed; the minister said it will be finalised with changed circumstances in mind.
- India wants better tariff terms for its goods in the US market.
- No deadline or tariff figure was announced.
- Mexico talks begin next week; UK and Canadian trade ministers visit India next week.
For other developments affecting trade and the rupee this week, see our report on the RBI's forex market measures and the dollar window for oil companies.
