'Very, very close' to historic trade deal with India, senior US official says as Goyal, Greer meet for key talks

THE United States and India are ‘very, very close’ to concluding a historic bilateral trade deal that will open the 1.4 billion-strong Indian market to American goods on reciprocal and mutually beneficial terms, a senior US official was quoted as saying by news agency PTI.

Addressing an event at Capitol Hill organised by the Foundation for India and Indian Diaspora Studies (FIIDS) on Tuesday, US Deputy Assistant Secretary of State Bethany Poulos Morrison said Prime Minister Narendra Modi and US President Donald Trump were advancing a ‘result-oriented’ relationship.

"We're not measuring (the relationship) by meeting. We're measuring it by results," she said, referring to the trade negotiations launched following the understanding reached between Trump and Modi earlier this year.

"When we looked at trade in February 2026, we announced the intention to finally conclude the historic trade deal. We are very, very close," Morrison said.

She said the proposed trade deal will open up India's 1.4 billion-strong market to American goods on terms that are reciprocal and mutually beneficial.

"The administration is driving toward the goal of Mission 500 - the goal of achieving US 500 billion in trade by 2030 -- with a real sense of urgency," the official said.

Morrison's remarks came as US Trade Representative (USTR) Jamieson Greer is in India for discussions with Commerce and Industry Minister Piyush Goyal on the proposed trade agreement.

Highlighting growing economic engagement, she said Indian companies were increasing investments in the US.

At the recent SelectUSA Investment Summit, "we saw USD 20 billion in new investment" commitments from India, including USD 1.1 billion in immediate investment, Morrison said, adding that it was the "largest announcement in SelectUSA's history".

The US was the second-largest trading partner of India in 2025-26.

India's outbound shipments to the US grew marginally by 0.92 per cent to $87.3 billion during the last fiscal year despite high tariffs, while imports increased 15.95 per cent to $52.9 billion. The trade surplus declined to $34.4 billion in 2025-26 from $40.89 billion in 2024-25.

Morrison also said that the India-US energy partnership was expanding rapidly.

"We are exchanging goods in American oil, gas, and coal, and both sides are exploring expanding civil nuclear cooperation under the newly enacted Shanti Act.

"The US-India hydrocarbon trade has expanded significantly since 2025, reaching $14.4 billion to date," she said.

Morrison also noted that more than 330,000 Indians are enrolled in US educational institutions, contributing over $14 billion to the American economy and supporting more than 50,000 jobs.

Goyal meets Greer in New Delhi

Goyal and Greer on Tuesday held high-level trade talks in New Delhi aimed at salvaging and recalibrating the proposed bilateral trade agreement after changes in US tariff policy upended a framework negotiated earlier this year.

Both sides sought to conclude an interim trade pact before July 24, when Washington's temporary 10 per cent tariff on imports from trading partners is due to expire.

Greer's two-day visit comes days after Prime Minister Modi and President Trump held their first meeting in more than a year on the sidelines of the G7 summit in France on June 17, injecting fresh momentum into the trade negotiations that both sides see as critical to strengthening economic ties.

Tuesday's meeting follows chief negotiator-level discussions held in New Delhi earlier this month (June 2-4).

‘A fair trade deal that benefits both countries’

The US Embassy in India said in a post on X that it remains focused on securing a fair, reciprocal trade deal that opens markets for American exporters and delivers benefits to both nations.

The high-level meeting at Vanijya Bhawan focused on moving forward with both the interim deal and a broader bilateral trade agreement, the embassy said. Ambassador Greer was accompanied by the US Ambassador to India, Sergio Gor, and a senior American trade delegation for the high-stakes discussions.

"@USTradeRep Jamieson Greer and Indian Minister of Commerce and Industry @PiyushGoyal met in New Delhi today to advance negotiations on the Interim Agreement launched by President Trump and Prime Minister Modi. The United States remains focused on securing a fair, reciprocal trade deal that opens markets for American exporters and delivers benefits to both nations," the embassy said.

Securing preferential tariff treatment in the pact has become a central objective for New Delhi after changes in US tariff policy eroded an advantage India had expected to enjoy over regional competitors such as Vietnam and other ASEAN economies.

Under the February framework, the US had agreed to reduce tariffs on Indian goods to 18 per cent, lower than duties facing several competing exporters.

However, the subsequent court ruling and Washington's decision to impose a temporary 10 per cent tariff on imports from all countries forced both sides to revisit key elements of the framework.

India and the US formally launched BTA negotiations on 13 February 2025, and the first glimpse of the emerging deal appeared in the India-US joint statement issued on 6 February 2026.

Earlier, Goyal welcomed the visiting American officials to the Department of Commerce, expressing optimism about the future of the trade relationship. He also welcomed the presence of the US Ambassador to India, Sergio Gor, and the accompanying US delegation as part of the ongoing discussions.

Later, Piyush Goyal also took to X to share remarks about the first day of trade talks on 23 June.

“India and the United States share a strong and growing economic partnership. We had productive discussions on advancing negotiations towards a balanced and mutually beneficial trade agreement, in line with the Joint Statement of 7 February 2026,” Goyal said, adding India remains committed to working constructively with the United States to further deepen economic ties and create new opportunities for growth and innovation.

The proposed trade deal will open up India's 1.4 billion-strong market to American goods on terms that are reciprocal and mutually beneficial.

The February joint statement on the framework has a clause that, in the event of any changes to the agreed-upon tariffs of either country, the US and India agree that the other country may modify its commitments.