India-US trade deal: Ahead of US President Donald Trump’s August 1 tariff deadline, India and the US seem to be close to finalizing a deal. According to Commerce and Industry Minister Piyush Goyal, talks between the countries for a bilateral trade agreement are progressing at a ‘fast pace’.A delegation from India has arrived in Washington to participate in discussions regarding the interim and first phase of the bilateral trade agreement.

"Negotiations are going on at a very fast pace and in the spirit of mutual cooperation so that we can come out with a win-win trade complementing agreement with the United States," Goyal said according to a PTI report. It's important to note that Piyush Goyal has in the past said that India does negotiate trade agreements based on deadlines.

A high-level delegation from India's Commerce and Industry Ministry has arrived in Washington DC ahead of Trump's revised reciprocal tariff deadline of August 1, 2025. The delegation's primary objective is to conclude the first phase of the trade agreement between the two nations.Also Read | India-US trade deal: Will Donald Trump go for less than 20% tariff rate for India? Top 10 developments to trackThe two countries seek to address contentious issues, specifically in the agricultural and automotive sectors, as they work to establish a trade arrangement advantageous to both parties.

An ANI report indicates that negotiations regarding the mini or interim bilateral trade agreement between India and the US are scheduled to commence on Monday morning (US time), with sessions planned over a four-day period.The Commerce Ministry's Chief Negotiator and Special Secretary, Rajesh Aggarwal, will join the discussions starting Wednesday, according to ANI.The advance team's presence ahead of the chief negotiator suggests an organised strategy, with initial discussions focusing on setting the agenda and procedural matters, before senior officials engage in comprehensive negotiations.Recently, Bloomberg cited sources stating that the United States is developing a trade agreement with India, proposing to implement a tariff rate below 20%. This represents a reduction from the 26% tariff rate that Trump announced on April 2.If a less than 20% tariff rate is agreed on, India will get a competitive edge against other peer group countries in the export market to the US.Also Read | India-US trade deal: Opening India’s dairy sector to America could cause huge losses; 'Rs 1.03 lakh crore annually…’

Trump has been sending letters to many countries alerting them of the tariff rates that will be applicable from August 1, 2025.

More than 20 countries have received the letters, but India is not on the list so far. This could possibly be because Trump has himself said that the US is nearing a trade deal with India.An interim trade deal would afford both nations additional time to deliberate on the final trade terms, expected to be concluded by autumn.India has remained firm on its stance regarding duty concessions to the US for agricultural and dairy products. Throughout previous trade agreements with various countries, India has consistently safeguarded its dairy sector.Furthermore, India maintains its restriction on genetically modified food crops, which stands in contrast to US agricultural methods, where GM variants are predominantly used in corn and soybean production.