‘Very, very close’ to historic trade deal with India, senior US official says as Goyal, Greer meet for key talks | Today’s news

The United States and India are “very, very close” to a historic bilateral trade deal that will open India’s $1.4 billion market to US goods on mutually beneficial terms, a senior US official was quoted as saying by news agency PTI.

Speaking at an event on Capitol Hill organized by the Foundation for India and Indian Diaspora Studies (FIIDS) on Tuesday, US Deputy Assistant Secretary of State Bethany Poulos Morrison said that Prime Minister Narendra Modi and US President Donald Trump are pursuing a “results-oriented” relationship.

Read also | US focused on fair trade deal with India that benefits both nations: US Embassy

“We don’t measure (the relationship) by meetings. We measure it by results,” she said, referring to the trade talks launched after the Trump-Modi deal earlier this year.

“When we looked at trade in February 2026, we announced our intention to finally conclude a historic trade deal. We are very, very close,” Morrison said.

She said the proposed trade deal would open India’s $1.4 billion market to American goods on terms that are reciprocal and mutually beneficial.

“The administration is moving toward the Mission 500 goal — the goal of reaching $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 talks with Commerce and Industry Minister Piyush Goyal on the proposed trade deal.

She highlighted growing economic engagement and said Indian companies are increasing investment in the US.

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At the recent SelectUSA investment summit, “We saw $20 billion in new investment” from India, including $1.1 billion in immediate investment, Morrison said, adding that it was “the largest announcement in SelectUSA’s history.”

The US was India’s second largest trading partner in 2025-26.

India’s outbound shipments to the US rose marginally by 0.92 percent to $87.3 billion during the last fiscal year despite high tariffs, while imports rose 15.95 percent to $52.9 billion. The trade surplus has narrowed to $34.4 billion in 2025–26 from $40.89 billion in 2024–25.

Morrison also said that the Indo-US energy partnership is expanding rapidly.

“We trade goods for US oil, gas and coal, and both sides are exploring expanding civilian nuclear cooperation under the newly enacted Shanti Act.

“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 more than $14 billion to the US economy and supporting more than 50,000 jobs.

Goyal meets Greer in New Delhi

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

The two sides have been trying to hammer out an interim trade pact before July 24, when Washington’s temporary 10 percent 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 impetus into trade talks that both sides see as crucial to strengthening economic ties.

Tuesday’s meeting follows discussions at the level of chief negotiators held in New Delhi earlier this month (June 2-4).

“A fair trade deal that benefits both countries”

In a post on X, the US Embassy in India said it remains focused on securing a fair, reciprocal trade agreement that opens markets for US exporters and benefits both nations.

The high-level meeting at Vanijya Bhawan focused on progress on both the interim agreement and the broader bilateral trade agreement, the embassy said. Ambassador Greer was accompanied by US Ambassador to India Sergio Gor and one senior citizen American Trade Delegation for high stakes discussions.

“@USTradeRep Jamieson Greer and India’s Secretary of Commerce and Industry @PiyushGoyal met today in New Delhi to advance negotiations on an interim agreement launched by President Trump and Prime Minister Modi. The United States remains focused on securing a fair, reciprocal trade agreement that will open markets for US exporters and benefit both nations,” the embassy said.

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

In the February framework, the US agreed to cut tariffs on Indian goods to 18 percent, lower than the tariffs faced by several rival exporters.

However, subsequent court rulings and Washington’s decision to impose a temporary 10 percent tariff on imports from all countries have forced both sides to reconsider key elements of the framework.

India and the US formally opened negotiations on the BTA on 13 February 2025, and the first glimmer of an emerging agreement emerged in India-US Joint Statement released on February 6, 2026.

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Goyal had earlier welcomed US officials at the Commerce Department and expressed optimism about the future of trade relations. He also welcomed the presence of US Ambassador to India Sergio Gore and the accompanying US delegation as part of the ongoing discussions.

Later, Piyush Goyal also attended X to share notes on the first day of trade talks on June 23.

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

The proposed trade deal will open India’s $1.4 billion market to US goods on terms that are reciprocal and mutually beneficial.

The February joint statement on the framework includes a clause that in case of any changes to the agreed tariffs by either country, the US and India agree that the other country can adjust its commitments.