India, US Make Major Headway On Interim Trade Deal; Pact Likely This Month With $500 Billion Target In Sight By 2030: Report

India and the United States have reportedly made notable headway toward signing an interim trade agreement that could be finalised within weeks, with the aim to boost the annual bilateral trade from $190 billion to $500 billion by 2030.

High-level delegations from both nations met behind closed doors in New Delhi for four days, wrapping up discussions on Tuesday (10 June).

Talks centred on expanding market access for industrial and agricultural goods, cutting tariffs, and easing non-tariff barriers, NDTV reported citing people familiar with the matter.

Led by Rajesh Agrawal on the Indian side and officials from the US Trade Representative’s Office, the negotiations were "productive and helped in making progress towards crafting a mutually beneficial and balanced agreement including through achievement of early wins", a government source was quoted by Reuters as saying.

Another priority was enhancing digital trade between the two countries.

Both sides also explored a series of customs and facilitation initiatives.

Talks are expected to intensify as the two sides work to finalise the first segment of a broader trade pact.

However, India rejected US proposals to allow imports of wheat, dairy, and corn, but offered tariff concessions on almonds, pistachios, and walnuts.

India also requested rollback of a 10 per cent base tariff imposed during the Trump era, which the US declined, citing similar treatment of allies like the UK.

India also sought relief from the 50 per cent US steel tariff, while expressing willingness to raise imports of American energy—LNG, crude oil, and coal—and explore additional defence acquisitions.

The signing of the initial deal is reportedly being targeted within June, likely during the G7 Summit in Canada where Prime Minister Narendra Modi and US President Donald Trump are scheduled to meet.

With growing backlash over his rushed trade policies, Trump is reportedly eager to finalise a deal with India before his 90-day freeze on reciprocal tariffs ends.

A 26 per cent tariff on Indian exports like textiles, footwear, rice, and shrimp looms if no pact is reached.

Even as trade officials negotiated with the US in Delhi, Union Minister Piyush Goyal was in Switzerland advancing a parallel major trade agreement with the European Union, India’s second-largest trading partner.

On the India-US trade deal, Goyal stated that India is ready to move forward on an agreement by resolving less contentious issues first.

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