US and India Make Progress in Trade Talks, Aim to Conclude Agreement by July 24

US Trade Representative Ambassador Jamieson Greer, who led a delegation to India from June 22 to June 24, concluded multiple rounds of discussions with Indian Commerce and Industry Minister Piyush Goyal on Wednesday with an aim to progress with the negotiations on a broader bilateral trade agreement. According to a joint statement released by the Ministry of Commerce on Wednesday, the two sides reviewed key elements of the proposed pact, including market access, digital trade, supply-chain resilience, reduction of non-tariff barriers and cooperation in strategic sectors. "The two leaders 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. Both sides noted substantial progress by negotiating teams in recent months and welcomed the momentum from successive technical and ministerial-level engagements," the ministry said. It said the negotiating teams had made "substantial progress" in recent months through a series of technical and ministerial-level engagements. While neither side disclosed specific concessions under discussion, both governments said they remained committed to a deal that is "balanced" and "commercially meaningful." "We reviewed progress of the ongoing India–U.S. trade discussions and explored avenues to further deepen our economic partnership. I appreciate Ambassador Greer's leadership and the sustained efforts of both teams in advancing our discussions in a constructive and forward-looking manner," Goyal said. Meanwhile, USTR ambassador Greer met Union Finance Minister Nirmala Sitharaman on Tuesday. India and US are aiming to conclude a trade agreement by July 24, the day till when the tariff of 10% on all the trading partners of the US is valid. Before that India aims to finalise a tariff structure to have a competitive advantage over other trading countries.