Indian Commerce and Industry Minister Piyush Goyal took to X to dispute a Reuters report that claimed India had rejected a quick trade agreement with the United States. The Reuters report, citing analysts, said New Delhi was holding out for a better deal as Indian Prime Minister Narendra Modi gained confidence from expanding trade ties with other partners, reducing economic risks while strengthening his political position at home.
According to Reuters, the two countries failed to finalize an interim trade agreement during U.S. Trade Representative Jamieson Greer’s visit to New Delhi last month after weeks of negotiations, despite expectations on both sides that a limited deal was within reach.
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“This news is completely false, baseless and misleading. I had fantastic meetings with USTR Jamieson Greer, @USTradeRep, when he visited Delhi in June. Both sides reaffirmed their commitment 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,” Goyal wrote on X.
Earlier this month, Goyal said negotiations on the bilateral trade agreement had entered the final stage, with most key issues resolved and both sides working toward a deal that would give New Delhi a competitive advantage. He also said there was no indication of any major hurdles to finalizing the agreement despite recent legal and policy developments in Washington.
The U.S. Ambassador to India Sergio Gor had announced last month that the proposed India-U.S. trade agreement was in its “last one or two per cent.”
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Indian Commerce Secretary Rajesh Agarwal said earlier today that talks are progressing in the right direction. “We don’t see any challenge in negotiations, and consultations are progressing in the right direction. Both sides remain positive. The India-U.S. framework trade deal is ready for signing at an appropriate time. Trade ties between the two nations continue to strengthen, including energy imports from the U.S.,” Agarwal said.
The U.S. is also expected to decide its course on the matter of tariffs after July 24 when the current 10 per cent tariff regime is due to expire. Agarwal said the decision on future tariff measures rests entirely with the U.S. administration.
Meanwhile, another U.S. official reportedly said that negotiations were continuing and Washington still expected an agreement, although no timeline had been fixed.