As Tariff Deadline Nears… India, US review trade pact progress
New Delhi: India and the United States reviewed the progress on an interim bilateral trade agreement during the two-day ministerial meeting, discussing issues, including market access, digital trade and non-tariff barriers, but gave no indication that all differences were resolved ahead of a key tariff deadline next month.
Union Commerce and Industry Minister Piyush Goyal and visiting US Trade Representative Jamieson Greer held discussions on the first phase of a proposed bilateral trade agreement (BTA), which both sides have been negotiating since reaching a framework understanding earlier this year.
In a statement at the conclusion of talks on Wednesday, the Commerce Ministry said the two ministers conducted a “comprehensive review” of key elements of the proposed pact, including enhanced market access, digital trade, supply chain resilience, reduction of non-tariff barriers and cooperation in strategic sectors.
The ministry said both countries discussed pathways to conclude an interim agreement and reaffirmed their commitment to a deal that is “balanced and commercially meaningful”.
Greer’s June 22-24 visit comes at a time when New Delhi and Washington race to finalise an interim arrangement before the expiration of a temporary 10 per cent US tariff regime on July 24, a deadline that has added urgency to negotiations. While the statement said ‘substantial’ progress has been made, the two sides did not say if outstanding issues had been resolved.
“Discussions focused on pathways to conclude an interim agreement as an important milestone toward a comprehensive BTA,” the ministry said, adding that the two ministers reaffirmed their commitment to a trade agreement that is balanced, commercially meaningful, and delivers tangible benefits for businesses, farmers, workers, and consumers in both countries.
“Recognizing the growing significance of the India-US economic partnership amid evolving global trade dynamics, both sides reiterated their shared goal of expanding bilateral trade, fostering innovation, and building resilient, trusted supply chains,” it added. Earlier in the day, Goyal said in a social media post that the two sides reviewed the progress of the ongoing India-US trade discussions.