Both sides are looking at the agreement coming into force by February-March 2027, Goyal said.
The minister said India’s expanding network of trade agreements could eventually give it preferential market access across 38 countries, including the US.
“We hope to cover 38 countries with FTAs, including the US, where we will get preferential market access,” Goyal said.
He said the agreements would collectively open up economies accounting for about $70 trillion of global GDP to Indian exporters as the country seeks to grow from a $4 trillion economy to a $30 trillion one.
According to Goyal, FTAs concluded in recent years have provided Indian businesses access to markets representing an additional $60 trillion of GDP, compared with about $10 trillion through agreements finalised during the UPA government’s tenure.
Goyal also said the India-New Zealand FTA would come into force “very soon”.
India is meanwhile pursuing trade agreements with a number of other countries and economic blocs. Goyal said the government was in active dialogue with Canada, Chile, Peru and Ecuador, while negotiations were underway for trade pacts with Israel, the Maldives and the Russia-led Eurasian Economic Union (EAEU).
India has also launched negotiations for a Preferential Trade Agreement (PTA) with the South African Customs Union (SACU) and hopes to expand its existing trade arrangement with the Brazil-led Mercosur bloc.
Talks are also underway with the Gulf Cooperation Council (GCC) over a potential trade agreement, with the first round of negotiations expected later this year, Goyal said.
Egypt and Kenya have also indicated an interest in beginning FTA negotiations with India, he added.