Commerce & Industry Minister Piyush Goyal
Negotiating teams from India and the US are fully engaged in achieving the objective of reaching a balanced and commercially meaningful bilateral trade agreement, said Commerce & Industry Minister Piyush Goyal. “I had fantastic meetings with US Trade Representative Jamieson Greer when he visited Delhi in June,” the Minister posted on social media platform ‘X’, underlining that things were moving smoothly while dismissing some reports suggesting otherwise.The Minister said both sides remained committed to an agreement that is balanced, commercially meaningful and delivers tangible benefits for businesses, farmers, workers and consumers in both countries. “Our teams remain fully engaged in achieving this objective,” he said.framework dealReinforcing the Minister’s view, Commerce Secretary Rajesh Agrawal said that the framework deal was ready, and it would be signed at the right time once the preferential market issue, giving India a comparative advantage over competitors, was structured.“The framework deal is ready. Whenever it is the right time, it will be signed. My Minister has also said in public very clearly we are ready to sign, we are just waiting... because deals are about comparative advantage. If you do a deal, you get preferential market access in India. India gets preferential market access in there, isn’t it? That is also an essential part of any trade deal. ...,” Agrawal told reporters on Monday.He added that it was something that was getting structured. “Whenever it is ready, things will be signed. But we are on the same page, our understanding is same..and we are progressing well. We don’t see any dissension, we don’t see any challenge around it,” said Agrawal.India and the US had announced a framework deal in early February, under which tariffs on Indian exports would fall from 50 per cent to 18 per cent. But before it could be signed, the US Supreme Court ruled that the IEEPA did not empower the President to impose the reciprocal and penal tariffs, forcing Washington to fall back on Section 122 duties ( a uniform 10 per cent on all countries) set to lapse on July 24. Since then, the USTR has pursued Section 301 investigations into forced labour and excess capacity across dozens of economies, including India, potentially pushing duties on Indian goods well above the negotiated 18 per cent.Responding to questions on Section 301, Agrawal said India was engaged with the US and any trade deal would address all aspects of the relationship and “provide a pathway” on all issues.Published on July 13, 2026
