Hopes of an early interim trade agreement between India and the United States remained uncertain after two days of ministerial-level negotiations concluded on Wednesday without any indication that the remaining sticking points had been resolved.
The discussions, led by Commerce and Industry Minister Piyush Goyal and US Trade Representative (USTR) Jamieson Greer, were aimed at advancing an interim pact that would eventually pave the way for a broader Bilateral Trade Agreement (BTA). However, the official statement issued after the talks stopped short of confirming any concrete progress.
According to the Ministry of Commerce and Industry, the two sides held multiple rounds of discussions over the course of two days, focusing on pathways to conclude an interim agreement as a stepping stone towards the proposed comprehensive BTA.
The ministry said negotiations covered several core pillars of the proposed agreement, including enhanced market access, digital trade, resilient supply chains, reduction of non-tariff barriers and expanded cooperation in strategic sectors, reported Financial Express.
While the statement outlined the broad agenda discussed during the meetings, it did not comment on whether negotiators had narrowed their differences or moved closer to a final agreement.
The absence of a breakthrough comes despite growing optimism in the run-up to the talks.
Earlier this month, US Ambassador to India Sergio Gor had said that the proposed agreement was "99 per cent complete" and could be finalised within a few weeks. That statement had raised expectations ahead of the USTR delegation's visit to India from June 22 to June 24.
The ministerial discussions marked the highest-level engagement between both countries since February, when India and the US agreed on a broad framework for an interim trade arrangement.
According to Ajay Srivastava, Founder of the Global Trade Research Initiative (GTRI), the lack of a visible breakthrough may reflect a shift in New Delhi's approach following legal developments in the United States.
"The failure of USTR visit to produce any breakthrough suggests that New Delhi is reassessing the logic of proposed trade agreement as the reciprocal tariffs that were a basis of framework agreement no longer exist," Srivastava said.
The original framework envisaged the US reducing additional duties on Indian goods to 18 per cent from 50 per cent. In return, India had agreed to eliminate duties on several American industrial products, provide greater access to non-sensitive segments of its agriculture market and purchase goods worth $500 billion over five years.
However, before that framework could be translated into a formal legal agreement, the US Supreme Court struck down President Donald Trump's reciprocal tariffs in late February, fundamentally altering the basis of the negotiations.
The Supreme Court's decision effectively reset discussions between the two countries.
Following the ruling, India and the US resumed negotiations through two rounds of official-level discussions — one in late April and another in early June — before elevating the talks to the ministerial level this week.
The latest meetings were expected to help bridge the remaining gaps, but no formal announcement was made on whether consensus had been reached.
Although India has repeatedly maintained that it is not negotiating under any external deadline, timing remains an important factor for Washington.
The US is seeking clarity before June 24, when the additional 10 per cent tariffs imposed following the Supreme Court verdict are scheduled to expire.
For India, the primary objective remains securing preferential tariff treatment for its exports so that Indian products face lower duties than competing goods in the American market.
Even if both countries eventually sign an interim agreement, Srivastava cautioned that it may not necessarily shield India from future trade actions by Washington.
He noted that the United States has, in the past, initiated Section 301 investigations and imposed trade restrictions even on countries with which it already has trade agreements.
That, he argued, underlines the importance of ensuring that any future pact provides meaningful commercial certainty beyond immediate tariff concessions.
For now, while both sides continue to describe the negotiations as constructive, the absence of any concrete announcement means businesses and exporters will have to wait longer for clarity on the future direction of India-US trade ties.
