The commercial stakes are substantial: Indian merchandise exports to the US reached $50.81 billion in April-September. The commerce minister, Piyush Goyal, said on Thursday that the first phase of a bilateral trade agreement was undergoing legal drafting, with New Delhi seeking better tariff terms than competing exporters. Energy and trade are also on the agenda when the external affairs minister, S Jaishankar, meets the US secretary of state, Marco Rubio, in Mumbai on October 20.