New Delhi, Jul 13 (PTI) Negotiations for a trade agreement between India and the US are progressing well, and the framework deal is ready, which will be signed at the right time, Commerce Secretary Rajesh Agarwal said on Monday.

India is seeking a comparative advantage on the tariff front in the agreement vis-a-vis its competitor nations.

"There was a very good discussion (with the US team). The framework deal is ready...whenever there is right time, it will be signed. We are negotiating a framework deal and a bilateral trade agreement (BTA), and both things are progressing well," Agrawal told reporters here.

Commerce and Industry Minister Piyush Goyal and US Trade Representative Jamieson Greer last month held bilateral talks on issues related to the first phase of the bilateral trade agreement here.

Trade deals are all about preferential market access or comparative advantage.

"So that is something which is getting structured, whenever it is ready, things will be signed. But we are on a safe way, our understanding is safe, both sides are very clear what is there in the framework deal, what is being negotiated under BTA, and we are progressing there," he said.

He added that the bilateral trade is growing between the two countries. India has also been increasing its energy imports from the US.

"So there is no negativity or any sort of differences between India and the US. Both sides know each other's expectations, both sides know what is coming in the framework deal, and both sides know what is beyond the framework deal that is being negotiated between the two sides," he said.

Separately, in a social media post, Piyush Goyal refuted a media report on the India-US trade pact and said that India and the US teams are fully engaged in a trade pact that is balanced, commercially meaningful, and delivers tangible benefits for businesses, farmers, workers, and consumers.

"Both sides reaffirmed their commitment to an agreement that is balanced, commercially meaningful, and delivers tangible benefits for businesses, farmers, workers, and consumers in both countries.

"Our teams remain fully engaged in achieving this objective," Goyal said in a social media post.

Further, Agarwal said that India is engaged with the USTR on Sec 301 investigations against forced labour and excess capacity concerns.

"We are closely watching the outcome," he said.

The Office of the United States Trade Representative (USTR) launched two separate Section 301 investigations on March 11 and 12, 2026, covering 60 economies over concerns related to forced labour and excess industrial capacity.

The USTR on June 2 issued its findings in the forced labour investigation and proposed additional tariffs on imports from 60 economies.

The proposal includes a 10 per cent tariff on imports from Canada, Ecuador, the European Union, Indonesia, Mexico, and Pakistan, and a 12.5 per cent tariff on imports from 54 other economies, including India and China.

Pakistan and Indonesia are India's competitors on the trade front.

The measure remains a proposal and has not yet been finalised.

In its submission to the USTR on the forced labour probe, India has asserted that trade issues should be resolved through bilateral trade negotiations rather than unilateral measures, urging the USTR to reconsider its proposed 12.5 per cent tariff, citing inconsistencies in its Section 301 investigation into forced labour concerns.

The draft report on excess capacity is not yet out.

"So we understand that once the draft report comes, it will take 4 to 6 months minimum or maybe more, to complete the final outcome of that. So these investigations are going on," Agrawal said, adding, "as far as the trade deal is concerned, I think trade deal, whenever we are signing, all aspects of the trade relation will get addressed".

After the US Supreme Court struck down the sweeping reciprocal tariffs (25 per cent on India) in February, the Trump administration imposed a temporary 10 per cent tariff on all countries for 150 days from February 24. PTI RR HVA