Union Commerce Minister Piyush Goyal and US Trade Representative Jamison Greer on Wednesday concluded “multiple rounds” of discussions on an interim trade deal, achieving “significant progress,” the Commerce Ministry said in a statement, though it did not elaborate on resolving outstanding issues such as a valid tariff structure.
After two days of ministerial-level talks, Goyal expressed his appreciation for Jarir’s leadership and the continued efforts of the two negotiating teams in advancing the discussions in a “constructive and forward-looking” manner. “We concluded a series of meetings with @USTradeRep Ambassador Jamison Greer and his delegation this morning. We reviewed the progress of the ongoing India-US trade discussions and explored ways to further deepen our economic partnership,” Goyal said in a post on X.
The Ministry of Commerce statement stated that the two ministers pointed to the “significant progress” achieved by the negotiating teams in recent months. “Discussions focused on ways to conclude an interim agreement as an important milestone towards a comprehensive trade agreement [bilateral trade agreement]She added.
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The interim deal is a precursor to a comprehensive free trade agreement. In a joint statement issued on February 13, 2025, Prime Minister Narendra Modi and President Donald Trump envisioned broad strategic and economic cooperation, including a free trade agreement that aims to double total bilateral trade to $500 billion by 2030, a goal that has since been called “Mission 500.”
While ministry spokespersons did not provide the latest status of the pending issues, people familiar with the discussions said on condition of anonymity that the only outstanding issue for the interim FTA is to determine the valid tariff structure for Indian goods in the US market as all other issues have already been settled in the framework jointly released on February 7.
“We know that India has a long history in agriculture and manufacturing, but we also know that they are moving forward in technology. They want to move forward in artificial intelligence. They want to collaborate and collaborate with the United States on future technologies and future trade. These are some exciting opportunities that we will have between the United States and India is to take advantage of that,” Greer said in a video statement released by the US Embassy in New Delhi.
He added: “President Trump and Prime Minister Modi have an amazing relationship. They have nurtured it over many years. Just last week, they met at the 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 are working on, but it includes every aspect of the relationship and we expect the relationship to continue to develop and go to a higher and higher level with each passing week.”
After the US Supreme Court on February 20 invalidated US tariffs on imports from all countries, including India, the two partners renegotiated a viable tariff framework, with New Delhi keen on one that would give India an advantage over rivals such as China, Vietnam, Indonesia, Bangladesh and Sri Lanka, the people cited above added. Once the interim agreement is announced, New Delhi and Washington will move to conclude a broad trade agreement to achieve Mission 500, they said.
The Donald Trump administration has since imposed a 10% tariff on Indian imports, but this expires on July 24. On June 22, at an event in Mumbai, Goyal said that although he wanted to conclude an interim deal as soon as possible, this deadline did not make any sense for India. “I have said it many times, India never negotiates a deadline,” he said at the event.
Greer’s visit to New Delhi from June 22-24, at the head of an official US delegation, represents a “major step” in ongoing efforts to promote a “balanced and mutually beneficial” free trade agreement between India and the US and “finalize an interim agreement in line with the joint statement” issued on February 7, 2026, the ministry said in its statement on Wednesday.
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“The two leaders [Greer and Goyal] It conducted a comprehensive review of core FTA elements, including enhancing market access, digital trade, supply chain resilience, reducing non-tariff barriers, and expanding cooperation in strategic sectors.
The two sides noted the significant progress achieved by the negotiating teams in recent months, and welcomed the momentum resulting from technical engagements and successive ministers. The statement added, “The discussions focused on ways to conclude an interim agreement as an important milestone towards reaching a comprehensive trade agreement. The two sides reaffirmed their commitment to a balanced and commercially meaningful agreement that provides tangible benefits to companies, farmers, workers and consumers in both countries.”
