Union Commerce and Industry Minister Piyush Goyal with United States Trade Representative Jamieson Greer during discussions on the proposed India-US trade agreement, in New Delhi.

Two days of intense negotiations between US Trade Representative Jamieson Greer and Commerce and Industry Minister Piyush Goyal ended on Wednesday without a breakthrough on the proposed interim bilateral trade deal. Both sides reported “substantial progress” but refrained from indicating when an agreement could be finalised.

Sources said persistent uncertainty over the US tariff regime, including two ongoing Section 301 investigations involving India, as well as the need to safeguard sensitive sectors such as agriculture and address unresolved market access issues, were among the factors that necessitated more time for the negotiations.

Highly fluid

“The situation on the US tariff front remains highly fluid. India needs greater clarity on how the ongoing Section 301 investigations could affect it and its competing countries, and whether any resulting measures would be legally sustainable. It can make meaningful commitments only when there is a clearer picture of the trade landscape it will ultimately be negotiating within,” a person tracking the matter told businessline.

In a statement, the Commerce & Industry Ministry said both sides noted substantial progress by negotiating teams in recent months and welcomed the momentum generated by successive technical and ministerial-level engagements.

“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,” the statement said.

The Ministry added that discussions focused on pathways to conclude an interim agreement as an important milestone towards a comprehensive BTA, but stopped short of providing a timeline.

Greer, too, offered no indication of an imminent conclusion. “President Trump and Prime Minister Modi have an amazing relationship. They’ve nurtured it over many years. Just last week, they met at G7 at Evian, France. I was there and they agreed to take the relationship to the next level, which includes the trade deal we are working on and includes every aspect of the relationship,” Greer said in a video message.

‘99 per cent ready’

Ajay Srivastava of GTRI said when US Ambassador Sergio Gor declared on May 30 that the deal was ‘99 per cent ready’, expectations were high. “Yet the BTA negotiations remain stuck because the foundation of the original bargain, as defined in the India-US joint statement of February 7, has collapsed,” he said.

He said after the US Supreme Court has invalidated the reciprocal tariffs, the proposed BTA increasingly resembles a one-way market-access agreement rather than a balanced trade pact.

Trade expert Abhijit Das said the delay could give the government more time to reassess its commitments in agriculture. “This might provide an opportunity to modify its negotiating approach on agricultural issues in light of concerns raised by farmers across the country,” Das said.

Published on June 24, 2026