Trade deal with India 'very, very close,' says US official
What's the story
The United States and India are "very, very close" to finalizing a landmark bilateral trade deal. The agreement would open India's 1.4 billion-strong market to American goods on reciprocal and mutually beneficial terms. The statement was made by Bethany Poulos Morrison, US Deputy Assistant Secretary of State, during an event at Capitol Hill organized by the Foundation for India and Indian Diaspora Studies (FIIDS).
Negotiation strategy
Not just meetings but results: Morrison
Morrison emphasized that the trade negotiations, which were launched after an understanding between US President Donald Trump and Indian Prime Minister Narendra Modi earlier this year, are not just about meetings but about results. She said, "When we looked at trade in February 2026, we announced the intention to finally conclude the historic trade deal. We are very, very close."
Trade target
'Mission 500'
The proposed trade deal is part of the "Mission 500" initiative, which aims to achieve $500 billion in trade between the two countries by 2030. Morrison said the administration is driving toward the goal of Mission 500, with a real sense of urgency. Her comments came as US Trade Representative (USTR) Jamieson Greer was in India for talks with Commerce and Industry Minister Piyush Goyal on the proposed trade agreement.
Economic engagement
Indian investments in US on the rise
Morrison highlighted the growing economic engagement between the two countries, noting that Indian companies are increasing investments in the US. She said at the recent SelectUSA Investment Summit, "We saw $20 billion in new investment" commitments from India, including $1.1 billion in immediate investment. This was the "largest announcement in SelectUSA's history," she added.
Trade expansion
Other key areas of cooperation
Morrison also noted that the US-India hydrocarbon trade has grown significantly since 2025, hitting $14.4 billion to date. She said, "We are exchanging goods in American oil, gas, and coal," adding both sides are looking at expanding civil nuclear cooperation under the newly enacted Shanti Act. Further, she highlighted that more than 330,000 Indians study in US institutions contributing over $14 billion to the American economy while supporting over 50,000 jobs.
Trade discussions
Goyal, Greer hold trade talks in New Delhi
Goyal and Greer held high-level trade talks in New Delhi on Tuesday. The meeting was aimed at salvaging and recalibrating the proposed bilateral trade agreement after changes in US tariff policy disrupted a framework negotiated earlier this year. Both sides are keen to conclude an interim trade pact before July 24, when Washington's temporary 10% tariff on imports from trading partners is due to expire.