With an aim to deepen economic ties and strengthen bilateral trade, India and the United States (US) reviewed the progress on an interim bilateral trade agreement during the two-day ministerial meeting. The Commerce Ministry said the two ministers conducted a ‘comprehensive review’ of key elements of the proposed pact, including enhanced market access, digital trade, supply chain resilience, reduction of non-tariff barriers and cooperation in strategic sectors. It added that both countries discussed pathways to conclude an interim agreement and reaffirmed their commitment to a deal that is “balanced and commercially meaningful”. But there was no indication that all differences were resolved ahead of a key tariff deadline next month.
Commerce and Industry Minister Piyush Goyal and visiting US Trade Representative Jamieson Greer held discussions on the first phase of a proposed bilateral trade agreement (BTA), which both sides have been negotiating since reaching a framework understanding earlier this year. Greer’s June 22-24 visit came at a time when New Delhi and Washington race to finalise an interim arrangement before the expiration of a temporary 10 per cent US tariff regime on July 24, a deadline that has added urgency to negotiations.
In February, 2026, the two sides announced the contours of the first phase. It was based on the 50 per cent tariffs imposed by the US on Indian goods. Meanwhile, the US was India’s second-largest trading partner in 2025-26. India’s exports to the US rose marginally by 0.92 per cent to $87.3 billion during the last fiscal year despite high tariffs, while imports increased 15.95 per cent to $52.9 billion. As a result, India’s trade surplus with the US declined to $34.4 billion in 2025-26 from $40.89 billion in 2024-25.
