India, US make 'substantial progress' in trade pact talks, push interim deal

India and the US have in recent months made "substantial progress" in trade talks, discussing pathways to conclude an interim pact as "an important milestone" towards a comprehensive Bilateral Trade Agreement (BTA).

Both sides reaffirmed their commitment to an agreement that is "balanced, commercially meaningful, and delivers tangible benefits for businesses, farmers, workers, and consumers in both countries," according to a statement issued by the commerce and industry ministry on Wednesday.

India’s negotiating team, led by commerce minister Piyush Goyal, has held multiple rounds of talks with a US delegation headed by trade representative Jamieson Greer, which wrapped up its three-day visit to New Delhi.

The ministry said the American delegation's visit marked a key step in ongoing efforts to advance a balanced, mutually beneficial India-US bilateral trade agreement and to finalize an interim deal in line with the joint statement of 7 February 2026.

According to US Census Bureau data, US goods trade with India reached an estimated $149.4 billion in 2025. US exports to India stood at $45.6 billion, while imports from India totaled $103.8 billion, resulting in a US goods trade deficit of $58.2 billion.

During the discussions, Greer and Goyal conducted a comprehensive review of core BTA elements, including enhanced market access, digital trade, supply chain resilience, reduction of non-tariff barriers and expanded cooperation in strategic sectors.

Recognising 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.

“The two sides expressed confidence that ongoing negotiations will further deepen economic ties and strengthen the India–U.S. Comprehensive Global Strategic Partnership,” the commerce ministry's statement added.

In a video message, Greer said, "We know that India has a long history of agriculture, of manufacturing, but we also know that they're moving forward in technology. They want to move forward in AI (artificial intelligence). They want to cooperate and collaborate with the United States on the technologies of the future and trade of the future, and that's some of the exciting opportunities that we'll have between the United States and India, to capitalise on that."

"President Trump and Prime Minister Modi have an amazing relationship. They've nurtured it over many years. Just last week, they met at 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're working on, but it includes every aspect of the relationship, and we expect the relationship to continue developing and only going to a higher and higher level with every passing week," Greer said in the message shared by the US embassy in New Delhi.

The negotiations were launched following talks between US President Donald Trump and India's Prime Minister Narendra Modi on 13 February 2025. Greer's visit comes amid efforts by both countries to deepen economic ties and address market access issues through a comprehensive trade pact.