New Delhi [India], April 20 (ANI): Commerce and Industry Minister Piyush Goyal on Monday said that the first tranche of the proposed bilateral trade agreement with the United States is 'almost finalised' and discussions were being held on what would be the mechanism by which India can get a preferential access, market access in the US market compared to competitors.

India and the United States will resume negotiations on the proposed Bilateral Trade Agreement (BTA) today in Washington DC.

'We have almost finalized our free trade agreement...the first tranche of the bilateral trade agreement with them. We are trying to close the Ts and dots on that and work out what would be the mechanism by which India can get a preferential access, market access in the US market compared to our competitors,' Goyal told reporters on the sidelines of the India-Korea Business Forum held today in the national capital.

'The team will be discussing these aspects while they are in Washington,' he added.

Commerce Secretary Rajesh Agarwal, who shared India's trade data for March earlier this month, had said that the Indian trade delegation will visit the United States from April 20 to 22.

He stated that negotiations for the BTA will resume this month, marking a key step in advancing trade ties between the two countries.

India and the United States had announced on February 7 this year that they have reached a framework for an Interim Agreement regarding reciprocal and mutually beneficial trade.

The statement said that the framework reaffirms the countries' commitment to the broader US-India Bilateral Trade Agreement (BTA) negotiations, launched by President Donald Trump and Prime Minister Narendra Modi on February 13, 2025, which will include additional market access commitments and support more resilient supply chains.

Referring to the visit of South Korean President Lee Jae Myung, Goyal said India and South Korea have agreed to resume discussions on a Comprehensive Economic Partnership Agreement (CEPA), noting that the existing pact signed in 2010 'has not worked for India.'

Goyal said all options remain open, including upgrading the existing CEPA or negotiating a completely new agreement. 'We may even consider rewriting a new chapter -- a completely new FTA -- because it should be more contemporary... we will now let the chief negotiators come up with some options for us,' he said.

Both sides, he said, held 'very extensive discussions' on doubling bilateral trade by 2030 while ensuring a more balanced trade relationship.

Highlighting investment and industrial cooperation, Goyal said India has proposed setting up a Korean industrial enclave on the lines of the Japanese township model, offering plug-and-play infrastructure across industrial, commercial and social segments to attract Korean companies and professionals.

He noted that several memorandums of understanding (MoUs) were exchanged between private sector entities, including a proposed steel plant in Odisha with an investment of nearly USD 6 billion, along with investments in green energy, technology-based companies and beauty care products.

Calling the developments a 'defining moment' in India-Korea ties, Goyal said the engagement coinciding with Akshaya Tritiya symbolises a new beginning and a 'momentous and consequential partnership' going forward. (ANI)