India, US conclude ‘multiple rounds’ of talks, no deal yet

UNion mercantilism government minister Piyush Goyal and US merchandise representative Jamieson Greer on midweek concluded “multiple rounds” of discussions on an meanwhile trade deal , and made “substantial progress” the commerce ministry said in a statement , although it did not elaborate on the resolution of outstanding issues such a valid tariff architecture.After two days of ministerial-level talks , Goyal appreciated Greer’s leadership and the sustained efforts of both negotiating teams in advancing discussions in a “constructive and forward-looking” manner. “Concluded a series of meetings with @USTradeRep Ambassador Jamieson Greer and his delegation this morning. We reviewed progress of the ongoing India–U.S. Trade discussions and explored avenues to further deepen our economic partnership,” Goyal said in a post on X.The two ministers noted “substantial progress” made by negotiating teams in recent months, the commerce ministry statement said. “Discussions focused on pathways to conclude an interim agreement as an important milestone toward a comprehensive BTA [bilateral trade agreement],” it added.Also Read | India, US talk trade again: The story so far and a deadline that could yield breakthroughAn interim-deal is a precursor to a comprehensive BTA. Prime Minister Narendra Modi and President Donald Trump in a joint statement on February 13, 2025, envisaged 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.”While the ministry’s spokespersons did not provide latest status of outstanding issues, people familiar with the discussions said on condition of anonymity that the only outstanding issue for an interim BTA is determination of a valid tariff architecture for Indian goods in the American market as all other issues have been already settled in the framework jointly released on February 7.“We know that India has a long history of agriculture of manufacturing, but we also know that they’re moving forward in technology. They want to move forward in AI. They want to cooperate and collaborate with the United States on the technologies of the future and trade of the future. And that’s some of the exciting opportunities that we’ll have between the United States and India is to capitalize on that,” Greer said in a video statement released by the US embassy in New Delhi.“President Trump and Prime Minister Modi have an amazing relationship. They’ve nurtured it over many years. Just last week, they met at G7 in Evian, France and I was there and they agreed to take the relationship to the next level. This includes the trade deal that we’re working on, but it includes every aspect of the relationship and we expect the relationship to continue developing and only going to a higher and higher level with every passing week,” he added.After the US Supreme Court on February 20 invalidated the US tariffs on imports from all countries, including India, the two partners have been renegotiating a valid tariff framework, with New Delhi keen on one that would give India an edge over its competitors like China, Vietnam, Indonesia, Bangladesh and Sri Lanka, the people cited above added. Once the interim deal is announced, New Delhi and Washington will move to conclude a wide-ranging BTA to achieve Mission 500, they said.The Donald Trump administration has since levied a 10% duty on Indian imports, but this expires on July 24. On June 22, at an event in Mumbai, Goyal said that while he would like to close an interim deal at the earliest, that deadline had no meaning for India. “I have said it very often, India never negotiates with a deadline,” he had said at the event.Greer’s New Delhi visit from June 22–24, leading an official US delegation, marked “a key step” in ongoing efforts to advance “a balanced, mutually beneficial” India-US BTA and “to finalize an interim deal in line with the joint statement” of February 7, 2026, the ministry said in its statement on Wednesday.Also Read | Trump was convinced India charged 175% tariffs, reveals new book: ‘US treated unfairly’“The two leaders [Greer and Goyal] conducted a comprehensive review of core BTA elements, including enhanced market access, digital trade, supply chain resilience, reduction of non-tariff barriers, and expanded cooperation in strategic sectors,” it said.Both sides noted substantial progress by negotiating teams in recent months and welcomed the momentum from successive technical and ministerial-level engagements, it said. “Discussions focused on pathways to conclude an interim agreement as an important milestone toward a comprehensive BTA. 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,” it added.