The proposed bilateral trade agreement is being discussed with the United States, according to Commerce and Industry Minister Piyush Goyal on Wednesday.
The US team is in New Delhi for the negotiations, he added.
"Discussions with them are always moving forward. Here at the Pravasi Rajasthani Divas, Goyal told reporters, "We are moving forward towards a bilateral trade agreement." He mentioned that he could get to meet the official US team that was in town.
Deputy US Trade Representative (USTR) Rick Switzer is leading a group in the nation's capital for two days of trade negotiations with his Indian counterpart, Rajesh Agrawal.

Assistant US Trade Representative for South and Central Asia Brendan Lynch, the US's primary negotiator for the agreement, will meet with Darpan Jain, India's chief negotiator and Joint Secretary in the Department of Commerce.
The visit is important since the US and India are trying to finalize the first part of the agreement. Since the introduction of a 25% tax and an additional 25% penalty on Indian goods entering the American market owing to the purchase of Russian crude oil, US authorities have made two trips. The last time US officials traveled to India was on September 16.
Goyal also headed a formal delegation to the US for trade negotiations on September 22. In May, he had also traveled to Washington.The negotiations are crucial because, according to Commerce Secretary Rajesh Agrawal, India hopes to negotiate a framework trade agreement this year that will assist Indian exporters by addressing the tariff issue.
Agrawal stated that India is involved in lengthy negotiations with the US on a framework trade agreement that will address the reciprocal tariff barrier faced by Indian exporters, even though he acknowledged that the Bilateral Trade Agreement (BTA) will take time.
In tandem, India and the US are negotiating a comprehensive trade agreement and a framework trade agreement to address tariffs.Leaders of both nations instructed officials to reach a deal in February. The first phase of the agreement was supposed to be completed by fall 2025. There have been six rounds of negotiations thus far. By 2030, the pact seeks to more than increase bilateral trade from the current USD 191 billion to USD 500 billion.
With bilateral trade at USD 131.84 billion (USD 86.5 billion in exports), the US continued to be India's biggest trading partner for the fourth year in a row in 2024–2025.
Approximately 18% of India's total goods exports, 6.22% of its imports, and 10.73% of its overall merchandise commerce go to the US.The agreement is significant, according to exporters, because Washington's high tariffs caused India's merchandise shipments to the US to drop by 8.58% to USD 6.3 billion in October, the second straight month.