The India–US trade deal will be formally signed once a new global tariff architecture is in place, Commerce Secretary Rajesh Agrawal said on Monday.
"We are talking right now on the details with the US," Agrawal said.
Last month, both the US and India agreed on a framework of a trade deal.
Agrawal said the agreement would be finalised after Washington restores global tariff rates following a court ruling that struck them down.
These remarks come after the US Supreme Court last month invalidated the reciprocal tariffs imposed by President Donald Trump.
However, hours after the ruling, Trump signed an executive order ending “certain tariff actions” and issued a proclamation imposing a 10 per cent “temporary import surcharge” as ad valorem duties on goods entering the United States. He later raised the levy to 15 per cent.
Agrawal said New Delhi is currently in discussions with Washington to finalise the contours of the proposed trade agreement, news agency PTI reported.
He added that, apart from the United States, India is also negotiating six Free Trade Agreements (FTAs) with different countries and regional groupings as part of efforts to expand its trade partnerships.
The commerce secretary also noted that the United States remains India’s top export destination, while China continues to be the country’s largest source of imports.
Meanwhile, the country's merchandise exports dropped marginally by 0.81 per cent to USD 36.61 billion in February, according to government data released on Monday.
Imports increased by 24.11 per cent to USD 63.71 billion in February this year from USD 51.33 billion recorded a year ago.
The trade deficit stood at USD 27.1 billion during the month under review.
Briefing the media on the trade data, Agrawal said that the country's exports are doing well despite challenges.
He said that the country's exports during the April-February period of FY26 went up 1.84 per cent to USD 402.93 billion.
However, imports also increased by 8.53 per cent to USD 713.53 billion during the period.
Agrawal said that exports in March would see a southward trend due to the logistical challenges on account of the West Asia crisis.
The crisis that began on February 28 with military actions by the US and Israel against Iran has led to widespread disruptions in trade routes, particularly in the Strait of Hormuz.
The Ministry of Commerce has said that India is currently negotiating six Free Trade Agreements (FTAs) with Australia, Sri Lanka, Peru, Chile, Israel and the Eurasian Economic Union (EAEU).
Talks for the India–Australia Comprehensive Economic Cooperation Agreement (CECA) began in February 2023 and 11 rounds have been held. Negotiations for the India–Sri Lanka Economic and Technology Cooperation Agreement (ETCA), which started in 2015, have seen 14 rounds so far, with the last held in July 2024.
India is also negotiating FTAs with Peru and Chile. Talks with Peru, launched in 2017, have completed nine rounds, with the latest held in November 2025, while negotiations for a Comprehensive Economic Partnership Agreement (CEPA) with Chile began on April 1, 2025 and four rounds have been conducted.
Negotiations with the EAEU began with the first round in November 2025, while the first round of talks for an FTA with Israel took place in February 2026.
The ministry also said India signed FTAs with the United Kingdom on July 24, 2025 and with Oman on December 18, 2025, which are currently under ratification, while negotiations with the European Union and New Zealand have been concluded. India is also reviewing the India–South Korea CEPA for upgradation.
(With inputs from PTI,ANI)