First tranche of India-US trade agreement likely by November 2025: Piyush Goyal

Piyush Goyal (File)

Commerce Minister Piyush Goyal on Thursday said that the first tranche of the India-US trade deal should be finalised by November 2025, saying that both sides are satisfied with the way negotiations are progressing.

Speaking to reporters in poll-bound Bihar, Goyal said that both Prime Minister Narendra Modi and US President Donald Trump had instructed their ministers in February 2025 to finalise the first part of the pact by November this year.

"In February 2025, Prime Minister Narendra Modi and President Trump together instructed us that the ministers of both sides should make a good agreement by November 2025. The first part of that agreement, the first tranche, should be finalised by November 2025, and since March, discussions have been going on on this subject very seriously in a very good environment, progress is being made, and with the progress, both sides are satisfied," Goyal told reporters.

#WATCH | Patna, Bihar: On India-US trade talks, Union Minister Piyush Goyal says, "In February 2025, Prime Minister Narendra Modi and President Trump together instructed us that the ministers of both sides should make a good agreement by November 2025. The first part of that… pic.twitter.com/KwwtVNUGVF

— ANI (@ANI) September 11, 2025

The remarks come a day after Trump and PM Modi had a positive exchange on social media.

Taking to his social media site Truth Social, Trump announced, “I am pleased to announce that India, and the United States of America, are continuing negotiations to address the Trade Barriers between our two Nations." He said that he looks forward to speaking with his "very good friend" Prime Minister Narendra Modi in the upcoming weeks. "I feel certain that there will be no difficulty in coming to a successful conclusion for both of our Great Countries!"

Prime Minister Narendra Modi later responded to Trump, saying that he was also "looking forward" to speaking with the US President.

"India and the US are close friends and natural partners. 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," PM Modi said on X. Trump later shared PM Modi's post.

The exchange indicated easing of friction between New Delhi and Washington, just weeks after Trump imposed steep 50% tariffs on India. This includes 25% baseline tariff plus an additional 25% punitive duties for India's purchase of Russian oil.