Commerce and Industry Minister Piyush Goyal on Thursday said the first phase of the proposed India-US trade agreement had been finalised and was undergoing legal drafting, adding that the pact would be operationalised once India secured a competitive advantage over rival countries.

Speaking at an event in New Delhi, Goyal expressed hope that the legal formalities would be completed soon. He also said India and the European Union were expected to sign their free trade agreement (FTA) in December, with implementation likely in February or March 2027.