Goyal, Greer push for ‘mutually beneficial’ interim trade pact at G20 Trade Ministers’ Meeting

Commerce and Industry Minister Piyush Goyal and US Trade Representative Jamieson Greer held a “productive discussion” on moving ahead with an interim trade agreement between India and the US, as the two countries seek to conclude the first phase of a broader trade pact.

Goyal met Greer on the sidelines of the G20 Trade Ministers’ Meeting in Milwaukee, where the two officials also discussed the ministerial meeting being held under the US chairship.

In a post on X, Goyal said the two sides discussed the early conclusion of a “mutually beneficial interim agreement” under the India-US Bilateral Trade Agreement.

India-US trade talks enter crucial phase

The meeting comes as New Delhi and Washington continue negotiations on the first phase of a wider trade agreement after months of discussions.

The two countries announced a framework for an interim trade agreement on February 7, covering tariffs, market access and other trade-related issues. The framework was intended to pave the way for a broader Bilateral Trade Agreement between the two countries. However, the interim pact has not yet been formally concluded, with changes in US tariff policy leading to further discussions between the two sides.

India seeks better market access

India has been seeking greater market access for its exporters in the US and wants the final arrangement to provide Indian companies with a more competitive position in the American market.

Under the February framework, the two countries agreed to work towards reducing trade barriers and improving market access across sectors. The trade discussions are taking place against the backdrop of broader efforts by New Delhi and Washington to strengthen their economic relationship.

Meanwhile, Prime Minister Narendra Modi and US President Donald Trump held a telephone conversation on Wednesday, during which they reviewed bilateral cooperation in trade, defence, energy and critical technologies.

According to a statement from the Prime Minister’s Office, the two leaders reaffirmed their commitment to advancing the India-US Comprehensive Global Strategic Partnership. “They agreed to maintain close engagement to deepen cooperation for the benefit of the people of both countries,” the statement said.

Modi and Trump also exchanged views on regional and international developments and discussed ongoing efforts to promote global peace and security, according to the statement. The two leaders agreed to remain in touch, the PMO said.