India is ready to conclude a temporary trade deal with the US, to secure “preferential treatment” over rivals before July 24, but it is not tied to the July 24 deadline, when the US temporary 10% basic tariff will expire, Union Commerce Minister Piyush Goyal said on Monday, announcing India’s ambitious export target of $1 trillion in 2026-27.
“I have said it repeatedly, India never negotiates a deadline,” he said in an interview with a television channel, responding to a specific question about whether New Delhi would conclude an interim bilateral trade agreement with the United States before July 24. The question is important because of the scheduled meetings between Goyal and visiting US Trade Representative Jamison Greer from June 23-24.
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In a post on X, US Ambassador Sergio Gore said Monday that Greer and Goyal have “multiple sessions” scheduled to “strengthen” the US-India trade deal. The talks focus on finalizing a new tariff structure after the US Supreme Court on February 20 invalidated the 18% reciprocal tariff on the bulk of Indian goods as per the framework the two countries reached on February 7. Then, on February 24, Washington imposed a uniform global tariff of 10% under Article 122; This applies for a maximum of 150 days without congressional approval.
According to Indian government officials familiar with the matter, the February 7 framework between the two countries has resolved most of the issues related to the interim free trade agreement that prohibits tariffs that the United States might introduce.
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India wants a tariff that would give it a comparative advantage against competitors. Reiterating his view on the 10% tariff, Goyal on Monday said it would end on July 24 “in the United States” and “it’s not something I need to worry about.” Goyal added that he would be the “happiest person” if the first tranche of the FTA is completed before July 24, as that would give Indian exporters a comparative advantage over other competing countries, such as “our northern neighbor China” and ASEAN countries like Vietnam and Indonesia. “I think the sooner the better. Because this quickly, this quickly, we can start exporting more goods to the United States.”
He also stressed that it is important to evaluate bilateral relations by looking at things beyond trade.
“But let’s keep in mind that both the United States and India have a very deep strategic partnership; trade is one element of our partnership. Our partnership extends to technology and critical minerals, and we have very serious engagement in defense. It’s not just about tariff rates and rules of origin. It’s about investments, it’s about the relationship between two great democracies.”
Goyal said that India, the world’s largest democracy, is recognized as a trusted partner globally. He added that India is reliable in all aspects, including supply chains. It provides essential goods, which is of great value to countries like the United States, he said, citing the example of Indian pharmaceuticals. “Our generic drugs have a big role to play in keeping health care affordable in the United States.”
