India and United States target July deadline for first phase of trade pact

India and the United States are working to finalize the first tranche of a comprehensive bilateral trade agreement by mid‑July 2026. Commerce and Industry Minister Piyush Goyal announced the target after three days of talks in New Delhi from June 2‑4 and said a 10 % additional duty on imports expires around July 22, creating urgency. A high‑level U.S. delegation, likely led by Trade Representative Jamieson Greer, is expected in India by the end of June to push the deal forward. The initial phase would give India preferential market access and is tied to a $500 billion purchase commitment over five years, roughly $100 billion of U.S. goods annually. Future negotiations could address intellectual property, digital services, agriculture and data‑localisation issues.

Goyal downplayed Washington's proposed Section 301 tariffs, suggesting they may create a competitive edge for Indian exporters and are aimed at another trading partner. He affirmed India will protect its interests and seek a fair, balanced pact. The minister also highlighted India's export ambitions, targeting $1 trillion this fiscal year and $2 trillion by 2030‑31.