Visakhapatnam: India and the United States are expected to implement the first tranche of their proposed Bilateral Trade Agreement (BTA) by the middle of July, Union Minister for Commerce and Industry Piyush Goyal said on Friday.
Speaking to reporters after the National Workshop on Seafood Exports in Visakhapatnam, Goyal said that officials from both countries are working swiftly to conclude discussions on the initial phase of the agreement, which is expected to provide Indian exporters with preferential access to key markets ahead of regional competitors.
The minister said a series of productive discussions took place in New Delhi from June 2 to June 4, involving a full delegation of trade officials from the United States. He added that he personally met the delegation and expressed confidence that the remaining issues would be resolved soon.
“We are fast moving towards closing all the open ends, and by the middle of next month we should be in a position to execute a very vibrant first tranche of the agreement,” Goyal said.
He further indicated that additional high-level engagements are expected in the coming weeks to finalize the remaining components of the trade package. According to him, the agreement’s first phase will provide India with a competitive advantage by securing preferential market access for its products.
Goyal also revealed that a higher-level US delegation is likely to visit India towards the end of this month as both sides work to strengthen bilateral trade ties.
Earlier, addressing the seafood export workshop, the minister highlighted the significant growth of India’s marine exports over the past decade. He noted that India’s seafood exports have increased from approximately USD 5 billion in 2013-14 to USD 8.5 billion as of March 31, 2026, marking a growth of nearly 70 percent.
Comparing India’s performance with global trends, Goyal said that worldwide fisheries trade grew from around USD 150 billion in 2014 to USD 164 billion in 2024, reflecting an increase of about 10 percent during the period. While global trade witnessed a temporary surge during 2022 and 2023, overall growth remained relatively modest compared to India’s expansion.
He said the strong growth in marine exports reflects India’s economic potential and the growing competitiveness of its seafood industry in international markets.