Piyush Goyal and US Trade Representative Jamieson Greer discuss an early conclusion to the India-US interim trade pact as both sides work to resolve tariff and market access issues
Commerce and Industry Minister Piyush Goyal and US Trade Representative Jamieson Greer held a “productive discussion” on moving ahead with an interim trade deal between India and the United States.
Goyal met Greer on the sidelines of the G20 Trade Ministers’ Meeting in Milwaukee.
In a post on X, Goyal said the two sides discussed the early conclusion of a “mutually beneficial interim agreement” under the India-US Bilateral Trade Agreement.
The two officials also discussed the G20 trade meeting being held under the US chairship.
India-US trade deal talks
The meeting comes as India and the US try to complete the first phase of a larger trade agreement after months of negotiations.
The two countries announced a framework for an interim trade agreement on February 7. The framework covered tariffs, market access and other trade issues.
It was meant to pave the way for a wider Bilateral Trade Agreement between the two countries.
The pact, however, has not yet been formally concluded.
Changes in US tariff policy have led to further discussions between the two sides.
What India wants from the deal
India has been seeking better market access for its exporters in the US and wants the final arrangement to give Indian companies a competitive position in the American market.
More from BusinessGoyal had said last week that the pact was “done and dusted” from India’s side. He also said India wanted its exporters to have an appropriate competitive advantage before the agreement was implemented.
External Affairs Minister S Jaishankar said last week that India and the US had reached “more or less an understanding” on the trade agreement.
Jaishankar also said the talks were “very, very far advanced”. However, he pointed to the ongoing US Section 301 tariff process as one factor that could affect the timing of the deal.
February framework
Under the February framework, the two countries agreed to work on lower trade barriers and better market access.
The US had proposed an 18 per cent reciprocal tariff rate on certain Indian goods under the framework.
The two sides also discussed removing reciprocal tariffs on some products, including generic medicines, gems and diamonds and aircraft parts, subject to the finalisation of the interim agreement.
The framework also covered issues such as rules of origin, non-tariff barriers and digital trade.
The broader trade pact is expected to include further commitments on goods and services.
Modi-Trump call
Goyal’s meeting with Greer came a day after Prime Minister Narendra Modi and US President Donald Trump held a phone conversation.
The two leaders reviewed progress in areas including trade, defence, energy and critical technologies.
Trade has remained a major issue in India-US economic relations as both countries try to settle differences over tariffs and market access.
India has also raised concerns in Washington over US measures linked to countries buying Russian oil and gas.
