Union minister for commerce and industry Piyush Goyal on Thursday said that negotiations with the US for a bilateral trade agreement and with the European Union (EU) are well on track and progressing at a fast pace.
Goyal’s acknowledgment came after Reuters reported that a team of US officials will visit India next week for crucial discussions on the proposed interim trade agreement between the two countries.
The delegation is expected to arrive on June 5 or 6 as both sides aim to seal the first phase of the bilateral trade pact by the end of June, reported Reuters.
Even as Indo-US negotiations inch forward, White House economic adviser Kevin Hassett on Thursday told Fox Business Network that three other global trade deals were “basically done” and more were in the pipeline.
New Delhi has been pressing for a full exemption from the 26 per cent reciprocal tariff imposed by the US on April 2. While that additional tariff was suspended for 90 days till July 9, Indian goods continue to face a 10 per cent baseline duty in the American market.
“There are many, many deals coming. And there were three that basically look like they're done,” Hassett said, adding that President Donald Trump had three deals ready for review at the end of last week.
India’s chief negotiator, Rajesh Agrawal, recently concluded a four-day trip to Washington, where he met his US counterpart to push forward the deal. Commerce and Industry Minister Piyush Goyal also met US Commerce Secretary Howard Lutnick twice during the visit.
There is a possibility the two sides will agree on the interim arrangement even before the end-June deadline, according to sources, quoted by Reuters. The first full phase of the broader trade pact is expected to be wrapped up by fall (September–October).
Hassett has brushed aside a US trade court ruling on Wednesday that blocked most of Trump’s tariffs and found the President had exceeded his authority, calling it the work of “activist judges.” The administration, he said, was confident of winning an appeal.
The White House economic adviser has also emphasised that the setback would not derail the momentum: “If there are little hiccups here or there because of decisions that activist judges make, then it shouldn't concern you at all, and it’s certainly not going to affect the negotiations.”
In 2024–25, the US remained India’s largest trading partner for the fourth straight year, with total trade valued at USD 131.84 billion. India registered a goods trade surplus of USD 41.18 billion.
The US has flagged concerns about the growing imbalance and is seeking greater market access.
Both countries have set an ambitious target to more than double bilateral trade to USD 500 billion by 2030.
(With inputs from PTI and Reuters)
