Piyush Goyal meets Jamieson Greer in New Delhi today: Key India-US trade issues on agenda | Today’s news

US Trade Representative Jamieson Greer and Union Commerce and Industry Minister Piyush Goyal will begin two-day talks on the first phase of the Bilateral Trade Agreement (BTA) in the national capital today, June 22.

The high-level discussion will focus on the US-India joint statement and the interim agreement, which is part of broader bilateral trade talks. These negotiations were initially initiated by President Donald Trump and Prime Minister Narendra Modi on February 13, 2025, according to a press release from the United States Trade Representative.

Read also | Trump says the US and India are “very close” to a trade deal and calls Modi a “tough negotiator”.

The meeting followed chief negotiator-level discussions on the pact held earlier this month (June 2-4) in the state capital.

“To negotiate a trade deal with the US, my counterpart will come to Delhi tomorrow,” Goyal told reporters in Mumbai on Monday. India is seeking a competitive advantage for its exporters over rival countries in the proposed trade deal with the US, Goyal added.

The talks today follow a meeting between Prime Minister Modi and President Trump on the sidelines of the G7 summit in Evian, France, where both leaders pushed for an accelerated timetable.

From New Delhi, Greer travels to Tashkent, Uzbekistan to meet with President Mirziyoyev, Chief of Presidential Administration Saida Mirziyoyev and Deputy Prime Minister Jamshid Khodjaev.

“Interim Bilateral Trade Pact Reaches Final Stage”

Last week, Foreign Minister Vikram Misri said the interim bilateral trade pact had reached its final stage. Speaking at a post-G7 summit briefing, Misri stressed that the two countries had made significant progress and highlighted the importance of Ambassador Greer’s upcoming visit to New Delhi for moving trade talks forward.

Commerce Minister Rajesh Agrawal also said recently that discussions between the two ministers are expected to focus on finalizing the framework agreement.

Read also | India and US may be in position to realize first tranche of BTA by mid-July: Goyal

On June 5, Goyal said that India and the US were moving towards closing all the open ends of the interim trade deal, and both sides were likely to conduct a “very, very lively” first phase of the BTA by the middle of next month.

The 10 percent provisional tariff imposed by the United States on all its trading partners on February 24, 2026 for 150 days will expire on July 24. After that, MFN (Most Favored Nation) tariffs on goods imported into the US will go into effect.

The temporary tariff is levied in addition to the most-favoured-nation duty. Thus, the US must introduce a new customs regime by July 24.

Section 301 of the Trades Act of 1974 investigation

To this end, the US is conducting two Section 301 investigations against a number of countries, including India. This is the only legal mechanism through which the US can impose new tariffs of any size.

However, Goyal expressed confidence that India and the United States will successfully conclude a bilateral trade deal despite the probe.

“So this (Section 301 investigation) is really a mechanism being created, given their (US) restrictions that Congress will not support any of their actions (regarding reciprocal tariffs)… They are trying to create a competitive advantage for India. So I don’t think (we need to) worry about Section 301, we will sort it out, it is our responsibility at Muhammad Gobai’s Financial Awards. Sunday, June 7.

Sergio Gor expresses optimism

US Ambassador to India Sergio Gor expressed optimism on Monday ahead of United States Trade Representative (USTR) Jamieson Greer’s visit to Delhi to discuss a bilateral trade deal.

In a post on X, the US envoy signaled his anticipation of Greer’s visit, saying he looked forward to welcoming him to the capital for his planned meeting with Commerce and Industry Minister Piyush Goyal along with other senior officials.

“Looking forward to welcoming Ambassador Greer @USTradeRep to New Delhi! Several meetings scheduled with Minister @PiyushGoyal to advance US-India trade deal!”, he wrote.

What was the joint statement of February 7 about the BTA

On February 7, India and the US issued a joint statement defining the contours or framework of the first phase of the BTA or Interim Trade Agreement.

The US agreed to cut tariffs on India to 18 percent from 50 percent, according to the framework. It scrapped 25 percent tariffs on Indian goods for buying Russian oil and was supposed to reduce the remaining 25 percent to 18 percent under the pact. But the US Supreme Court ruled against these tariffs.

As the customs landscape has changed in the US, the two sides are reassessing the framework of the agreement, news agency PTI reported.

Read also | Why Piyush Goyal thinks India should not worry about US Section 301

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.

Under the Agreed Framework, India proposed to eliminate or reduce tariffs on all US manufactured goods and a wide range of food and agricultural products, including dried cereal grains (DDG), red sorghum for animal feed, nuts, fresh and processed fruits, soybean oil, wine and spirits, and other products.

what to expect

New Delhi also expressed its intention to buy $500 billion worth of US energy products, aircraft and aircraft parts, precious metals, technology products and coking coal over the next five years.

When the framework of the first phase of the bilateral trade agreement was completed, India had a comparative advantage over its competing countries such as ASEAN countries (Indonesia, Malaysia, Singapore, Thailand, Philippines, Brunei, Vietnam, Laos, Myanmar, Cambodia), Sri Lanka, Pakistan and Bangladesh.

Under this framework, the US announced an 18 percent tariff on Indian goods. At that time, tariffs on India’s competitor countries ranged from 19 to 20 percent. But now all countries face the same 10 percent surcharge.

Sources told PTI that it is important for India to gain an advantage over its rival countries on the tariff front in a trade pact with the US.

Goyal expressed confidence that India and the United States will successfully conclude a bilateral trade agreement despite the investigation.

Outbound shipments from India to the US rose marginally by 0.92 percent to $87.3 billion during the last fiscal year, 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.

Key things

• The new trade deal aims to equalize tariffs between the US and India, which has significant implications for various industries.
• India is trying to leverage its existing comparative advantages in sectors such as agriculture and technology against rival countries.
• The ongoing discussions highlight the complexity of international trade negotiations amid a changing political and economic environment.