"Our engagement is underway": Foreign Secy Misri on India-US BTA

London [UK], July 24 : Foreign Secretary Vikram Misri revealed on Thursday that India has been actively engaged in discussions with the US on a potential Bilateral Trade Agreement (BTA), emphasising the ongoing contacts with partners in the US.

During a press conference following the signing of the India-UK Free Trade Agreement, Misri stated, "We are discussing that under a different vertical. All I can say is that our engagement is underway. The contacts are underway, and we'll see how that goes."

His remarks indicate steady progress in India's efforts to strengthen economic ties with the US, as the Trump administration has deferred imposing additional tariffs on several countries, including India, until August 1.

Misri also highlighted the broader context of global trade, noting the importance of the India-UK FTA, signed earlier today in the presence of Prime Minister Narendra Modi and UK Prime Minister Keir Starmer.

"The focus was on that (India-UK FTA) fair and square. Naturally, the overall environment, globally of world trade was referred to, but on that front, what I would emphasise is that this underlines even more the significance of the India-UK FTA," he said.

"For an agreement as significant as this to be achieved at this point in time is a really important message to take away from today's events," the Foreign Secretary stated.

On July 14, a senior government official stated that India was making concrete progress toward finalising a BTA with the US, with both countries committed to following the path outlined by their respective leaders.

Speaking on the ongoing trade negotiations, the official emphasised that India is "moving in terms of a BTA" and actively "looking at a mutually beneficial deal" that would serve the interests of both nations.

The official highlighted that the current negotiations are proceeding along the framework established by the leadership of both countries, stating, "We are following the path of BTA, which the two leaders have decided."

When asked about the structure and timeline of the potential agreement, the official indicated that both nations are maintaining flexibility in their approach.

"We are looking at BTA. How it moves forward, whether there will be a first phase, a second phase, or whatever phases will happen, that will be mutually decided," the official explained.

Rajesh Aggarwal, Chief Negotiator and Special Secretary of the Ministry of Commerce, joined the scheduled discussions on July 16.

Earlier today, India and the UK signed the Comprehensive Economic and Trade Agreement (CETA).

The agreement was signed by Commerce and Industry Minister Piyush Goyal and UK Secretary of State for Business and Trade Jonathan Reynolds, in the presence of the two PMs.

This FTA marks a significant milestone in India's engagement with major developed economies, reflecting a shared commitment to strengthening economic integration.

The signing of the India-UK CETA follows the successful conclusion of negotiations announced on May 6. The bilateral trade between the two countries stands at nearly USD 56 billion, with a joint goal to double this figure by 2030.

CETA secures unprecedented duty-free access for 99 per cent of India's exports to the UK, covering nearly the entire trade basket.

This is expected to open up new opportunities for labour-intensive industries, such as textiles, marine products, leather, footwear, sports goods, toys, and gems and jewellery, alongside fast-growing sectors like engineering goods, automotive components, and organic chemicals.

The agreement also provides greater market access in IT and IT-enabled services, as well as financial, legal, professional, and educational services, and digital trade.

India has also secured an agreement on the Double Contribution Convention. This will exempt Indian professionals and their employers from social security payments in the UK for up to three years, improving the cost competitiveness of Indian talent.

The agreement has been designed to make trade more inclusive with women and youth entrepreneurs, farmers, fishermen, startups, and MSMEs gaining new access to global value chains, supported by provisions that encourage innovation, promote sustainable practices, and reduce non-tariff barriers.

CETA is expected to significantly boost trade volumes in the coming years, creating jobs, expanding exports, and fostering a deeper, more resilient economic relationship between India and the United Kingdom.

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