Piyush Goyal holds talks with counterpart Jamieson Greer to resolve final hurdles in India-US trade deal

UNion mercantilism government minister Piyush Goyal and US merchandise Representative Jamieson Greer on tues began isobilateral talks in New Delhi aimed at resolving the remaining issues blocking an interim trade deal — chiefly a valid tariff architecture — that would eventually lead to a comprehensive bilateral trade agreement (BTA), people familiar with the matter said.An interim BTA is expected soon, with most of its elements nearly settled under the framework the two sides reached on February 7. However, since the US Supreme Court on February 20 invalidated the legal basis for the proposed 18% reciprocal tariff envisaged under that framework, the deal now requires rebalancing along with a fresh, legally valid tariff structure, the people said, requesting anonymity. A commerce ministry spokesperson did not respond to HT’s queries on the matter.Responding to a Tuesday morning post by Goyal on X welcoming the American delegation for “productive” discussions, US ambassador Sergio Gor posted a photograph of himself with Goyal and Greer, writing: “Ongoing discussions on finalizing the trade deal between the US and India.” In a separate post, Gor said: “We are moving decisively toward finalising a strong bilateral trade agreement that will unlock new economic opportunities for both countries and significantly deepen the U.S.-India economic partnership.”According to Greer’s office, the focus of his meetings with Goyal and other senior Indian officials would be the US-India joint statement and the interim agreement, as part of the broader BTA negotiations.Prime Minister Narendra Modi and President Donald Trump had issued a joint statement in Washington on February 13, 2025, envisaging wide-ranging strategic and economic cooperation, including a BTA aimed at more than doubling total bilateral trade to $500 billion by 2030 — a goal since branded “Mission 500.”Invoking that framing, the US Embassy in India said in a post on Tuesday evening: “U.S.-India trade partnership is a win-win for both! Stronger ties create American manufacturing jobs while supporting India’s growth as the world’s largest democracy. From energy security to tech talent exchanges, we’re building the future together.” In a separate post, the embassy said: “The United States remains focused on securing a fair, reciprocal trade deal that opens markets for American exporters and delivers benefits to both nations.”Also read | India-US trade deal talks: India wants preferential access through US deal, says Piyush GoyalThe push for a swift conclusion is driven partly by an approaching deadline on the American side, the people said: the temporary 10% additional tariff imposed on all countries under Section 122 of the Trade Act of 1974 is set to expire on July 24. HT reported on Tuesday that India, too, would like to finalise the deal soon — but unlike Washington, it is not bound by the July 24 deadline.Some outcome is expected following Greer’s meetings with senior Indian officials, the people said. The USTR, along with an American delegation, also met Union finance minister Nirmala Sitharaman on Tuesday. “Both sides exchanged views on strengthening bilateral trade and economic cooperation, with a focus on new opportunities for growth and deeper commercial engagement,” the finance ministry said in a statement.The finalisation of an interim BTA will depend on determining a mutually acceptable tariff architecture to replace the 10% additional duty under Section 122, and on resolving two ongoing disputes under Section 301, the people said. Washington has accused India of inadequate measures to check forced labour, and separately alleges that India’s industrial policies support excess capacity that distorts global trade against American manufacturers.Following its forced labour investigation, the USTR in June proposed an additional 12.5% duty on 54 countries, including India; India, which has denied the charge, has until July 7 to formally respond. The outcome of the separate excess-capacity investigation remains pending.After the bilateral talks on Tuesday, Goyal said discussions were “productive” in a late night post on X. “Delighted to meet @USTradeRep Amb Jamieson Greer and @USAmbIndia Amb Sergio Gor today. India and the United States share a strong and growing economic partnership. We had productive discussions on advancing negotiations towards a balanced and mutually beneficial trade agreement, in line with the Joint Statement of 7 February 2026,” he said. “India remains committed to working constructively with the United States to further deepen economic ties and create new opportunities for growth and innovation,” he added.