US President Donald Trump on Wednesday signalled progress in ongoing trade negotiations with India, saying the two sides were close to finalising an agreement.“We are very close to the deal,” Trump told reporters when asked about the proposed India-US trade pact on the sidelines of the G7 Summit.The remarks come amid intensified negotiations between New Delhi and Washington to conclude a bilateral trade agreement, with officials from both countries working to resolve outstanding issues.
USTR chief to visit India next week
The latest comments come days after the government announced that US Trade Representative Jamieson Greer will visit India on June 23-24 for talks with Commerce and Industry Minister Piyush Goyal aimed at giving final shape to the agreement.“Our expectation is that discussions will be centred around giving final touches to the framework deal, which has been discussed during the visit of their (US) delegation,…and also on the larger BTA (bilateral trade agreement), that has also been under discussions between the two sides,” Commerce Secretary Rajesh Agrawal said earlier this week.Greer’s visit follows negotiations held in New Delhi earlier this month between Indian officials and a US delegation led by chief negotiator Brendan Lynch.
Most issues already settled, says Piyush Goyal
Earlier this month, Commerce minister Piyush Goyal said most elements of the proposed pact had already been agreed upon.“…mostly everything is finalised. As you know, US Ambassador Sergio Gor said that 99 per cent of the things have been finalised. Discussions are going on about small issues, commas and full stops,” Goyal had said on June 1.He had expressed confidence that the first phase of the bilateral trade agreement would be concluded and signed soon.At the negotiators’ level, both sides have discussed trade in goods, non-tariff barriers, customs and trade facilitation, economic security alignment and other areas of mutual interest.
Why the agreement matters
India and the US announced the framework for the first phase of the bilateral trade agreement in February. However, changes in the US tariff regime following a Supreme Court ruling against President Trump’s reciprocal tariffs have prompted both countries to revisit parts of the framework.Both sides are expected to conclude the interim agreement before July 24, when the US administration’s temporary 10% tariff regime is scheduled to expire.The agreement is expected to improve market access, strengthen supply chains and provide India with a tariff advantage over competing exporters such as Bangladesh, Pakistan and Sri Lanka.The US was India’s second-largest trading partner in 2025-26. India’s exports to the US stood at $87.3 billion during the fiscal year, while imports were $52.9 billion, resulting in a trade surplus of $34.4 billion.
