Mumbai (Maharashtra) [India], September 4 (ANI): India and the United States have closed negotiations on the first tranche of their bilateral trade agreement, but the deal is awaiting a framework from Washington that would provide India with a preferential tariff for its exports to the US, Union Commerce Minister Piyush Goyal said on Friday.

Speaking to the media on the sidelines of the India-Belgium High-Level Dialogue on the India-EU Free Trade Agreement in Mumbai, Goyal said the first tranche of the India-US bilateral trade agreement would reflect an initial set of proposals agreed between the two countries.

"We have closed the negotiations on the India-US free trade agreement. It will be a first tranche of a bilateral trade agreement which will reflect an initial set of proposals that have been agreed between the two countries. We have to fine-tune a little bit which process is going on..... given the uncertainties on tariffs in the United States, we are waiting for the US to provide the necessary framework under which India will get a preferential tariff for our exports to the US," Goyal said.

He said a key requirement for any trade agreement is that it should provide preferential access, making the agreement attractive for both sides.

He said India and the US remain in agreement on the issue and are continuing discussions.

Goyal also made it clear that India would not rush into a trade agreement simply because of a deadline. He said the government would prioritise the interests of Indian farmers, fishermen, MSMEs, startups, women entrepreneurs and youth while negotiating trade agreements.

On India-Belgium trade ties, Goyal said the proposed India-EU Free Trade Agreement would create significant opportunities for cooperation between the two sides.

He said India and Europe are largely complementary economies, with Europe bringing technology and capital while India offers a young workforce and a large market.

Goyal said the partnership could act as a "force multiplier" and that doubling India-Europe trade in five years should surely be possible, if not earlier.

Goyal's remarks came during the India-Belgium High-Level Dialogue on the India-EU Free Trade Agreement, held in Mumbai during Belgian Prime Minister Bart De Wever's three-day official visit to India.

De Wever, who took office in February 2025, is visiting India for the first time as Belgian Prime Minister and is accompanied by Belgium's Minister of Defence and Foreign Trade Theo Francken, along with a high-level delegation of officials and business leaders.

India and Belgium have also moved to deepen cooperation in defence, trade, clean energy and technology.

During Prime Minister Narendra Modi's meeting with De Wever on Thursdsay, the two countries set a target of doubling bilateral trade over the next five years.

They also signed a Letter of Intent on Defence Cooperation and a separate MoU between the Belgian Security and Defence Industry Association and the Society of Indian Defence Manufacturers to strengthen industrial cooperation and facilitate access to Belgian markets and expertise.

India-Belgium bilateral trade stood at USD 10.92 billion in 2025-26, according to the Ministry of External Affairs. (ANI)