India, US Review Interim Trade Pact Progress Ahead of July Tariff Deadline

India and the United States have reviewed progress on a proposed interim Bilateral Trade Agreement (BTA) as both countries seek to finalise a deal before the expiry of a temporary 10 per cent US tariff regime on July 24 .

Commerce and Industry Minister Piyush Goyal and US Trade Representative Jamieson Greer held talks in New Delhi, discussing key issues including market access, digital trade, supply chain resilience, non-tariff barriers and cooperation in strategic sectors. According to the Commerce Ministry, the discussions focused on pathways to conclude an interim agreement that would serve as a stepping stone towards a comprehensive trade pact.

While both sides reported substantial progress , they stopped short of confirming that all outstanding issues had been resolved. The two countries reiterated their commitment to a balanced and commercially meaningful agreement that benefits businesses, farmers, workers and consumers.

Greer highlighted opportunities for deeper cooperation in emerging sectors such as artificial intelligence and advanced technologies , while also underscoring the growing strategic partnership between Prime Minister Narendra Modi and US President Donald Trump .

The negotiations gained momentum following the leaders' meeting on the sidelines of the G7 Summit earlier this month. India is seeking improved market access and preferential tariff treatment to strengthen its export competitiveness amid shifting global trade dynamics.

The US remained India's second-largest trading partner in FY2025-26. India's exports to the US stood at USD 87.3 billion , while imports reached USD 52.9 billion , resulting in a trade surplus of USD 34.4 billion .

The proposed trade pact could significantly reshape India-US economic relations by expanding cooperation across agriculture, manufacturing, energy and technology . A successful agreement may boost investment, strengthen supply chains and enhance India's role in an evolving global trade landscape increasingly driven by strategic partnerships and economic diversification.