1st phase of BTA with US 'nearing closure': Top Indian official

Both sides have held virtual discussions on the deal for months, he said.

He said the agreement consists of two components: one that will naturally take more time to negotiate, and a first tranche aimed at resolving tariff-related issues.

"The part relating to reciprocal tariffs should happen sooner rather than later," he was quoted as saying by domestic media reports. Specific deadlines cannot be set, he noted.

The BTA seeks to more than double bilateral trade, from $191 billion now to $500 billion by 2030.

Agrawal also confirmed that an India-US LPG supply arrangement, long under consideration, is also moving forward. This is not linked to the trade negotiations, but is aimed at helping maintain the overall trade balance between the two countries.

Meanwhile, India’s textile and apparel exports continued its downward trend in October this year. It was the second month after the 50-per cent reciprocal tariff was imposed in two tranches during August. External trade dipped by 12.91 per cent in the month after a fall of 10.34 per cent in September.

The country’s textile and apparel exports recorded a decline of 1.57 per cent during the first seven months of fiscal 2025-26.

Textile and apparel shipments declined to $2.666 billion in October, down from $3.061 billion in October 2024. Total exports in the sector stood at $20.401 billion in April-October 2025, compared to $20.728 billion during the same period last year.

ALCHEMPro News Desk (DS)