India and US reaffirm commitment to deepening Economic Partnership; Trade Pact talks gain momentum

NEW DELHI : Union Minister of Commerce and Industry Piyush Goyal held a high-level meeting with U.S. Trade Representative Jamieson Greer and U.S. Ambassador to India Sergio Gor on Tuesday, reaffirming the shared commitment of India and the United States to strengthening bilateral economic and trade relations.

Data shows that India’s trade surplus with the US has slipped by over 40% since the negotiations began last year, following Prime Minister Shri Narendra Modi’s meeting with US President Donald Trump on February 13, 2025.

The high-level talks come as the US is set to complete its Section 301 investigation by next month and come out with a new tariff architecture, which could act as an alternative to reciprocal tariffs. After over a year of trade tension between India and the US, government officials said Goyal and Greer are expected to give “the final touch” to the first tranche of the trade agreement.

Meanwhile, data released by the Commerce and Industry Ministry showed that India’s export surplus slipped over 40% to $2.94 billion in May this year, from $5.02 billion in May 2025. Data suggests that India’s surplus has been declining in multiple categories beyond energy.

During the discussions, both sides reviewed the progress made under the framework of the Joint Statement issued on 7 February 2026 and explored pathways to accelerate negotiations toward a balanced, equitable and mutually beneficial trade agreement. The dialogue focused on enhancing market access, facilitating greater investment flows, strengthening resilient supply chains, and promoting innovation-led growth across key sectors.

Speaking after the meeting, Shri Piyush Goyal said that India and the United States share a robust and rapidly expanding economic partnership built on mutual trust, shared democratic values and complementary economic strengths. He emphasized that the ongoing engagement reflects the commitment of both nations to unlock new opportunities for businesses, investors and consumers while fostering sustainable economic growth.

The discussions also covered cooperation in emerging sectors such as advanced manufacturing, digital technologies, clean energy, semiconductors, critical minerals, pharmaceuticals and agriculture. Both sides acknowledged the importance of creating a predictable and transparent trade environment that supports enterprise, innovation and job creation in both countries.

India reiterated its commitment to working constructively with the United States to deepen commercial engagement, expand bilateral trade and investment, and strengthen economic resilience amid evolving global economic dynamics. The two countries also recognized the growing role of industry-to-industry collaboration and people-to-people ties in driving the next phase of economic cooperation.

The meeting reflects the sustained momentum in India–U.S. economic relations and underscores the shared objective of building a future-ready partnership that delivers tangible benefits for businesses and citizens in both nations. As negotiations continue, both sides expressed confidence that enhanced cooperation will contribute significantly to global economic stability, innovation and prosperity.