India-US Trade Deal Not Imminent, Jamieson Greer Says Modi-Trump Could Speak Again

US Trade Representative Jamieson Greer says India and the United States are nearing the end of negotiations on a bilateral trade agreement, but a deal is not yet imminent. He said both sides have identified the remaining sticking points and are working to resolve them, with Prime Minister Narendra Modi and US President Donald Trump potentially speaking again soon.

The proposed India-US trade agreement has moved into what Washington’s top trade official described as the final stages of negotiations, but the pact is not yet ready to be announced.

US Trade Representative Jamieson Greer said discussions with India were continuing over issues that remain unresolved. He also indicated that Prime Minister Narendra Modi and US President Donald Trump could hold another conversation soon to assess progress.

Greer’s comments suggest that although negotiators believe they are approaching the end of the process, important differences still need to be settled.

“We are continually trying to finish the trade deal with India, we are in the short strokes. I think we are towards the end of it,” Greer said, according to the material supplied for this report.

He added that the two countries had identified the issues that were still acting as sticking points.

“But we truly have identified the universe of items that are sticking points, and we are working diligently toward them,” he said.

At the same time, Greer cautioned against assuming that an agreement was about to be concluded.

“I don’t think there is something imminent,” he said.

Modi and Trump may speak again on trade negotiations

Greer said the US and Indian leaders could speak again soon as negotiations continue.

According to his remarks, Modi and Trump had already held a constructive call, during which progress on the trade discussions was considered.

A further conversation could give the two leaders an opportunity to review unresolved issues and assess whether negotiators are moving closer to an interim agreement.

Such leader-level calls can be important in trade negotiations when technical discussions become tied to wider economic or political considerations.

Piyush Goyal and Greer meet in Milwaukee

Greer’s comments followed a meeting with Union Commerce and Industry Minister Piyush Goyal on the sidelines of the G20 Trade Ministers’ Meeting in Milwaukee.

The meeting formed part of continuing discussions between New Delhi and Washington over the proposed India-US Bilateral Trade Agreement, or BTA.

Goyal said the two sides had held a productive discussion aimed at reaching an interim arrangement.

In a post on X, he wrote that he had discussed an early conclusion of a “mutually beneficial interim agreement” with Greer and had also exchanged views on the G20 discussions taking place under the US presidency.

The meeting between the two trade officials took place on the same day that Modi and Trump spoke by telephone, according to the supplied account.

What are India and the US negotiating?

The bilateral negotiations cover a broad range of trade issues involving market access, tariffs and the treatment of goods and services.

The February framework referred to in the supplied material established the basis for work toward an initial phase of a wider trade agreement.

However, subsequent changes in the US tariff environment affected the negotiations and kept some issues open.

For both countries, the objective is to expand commercial opportunities while protecting areas that each side considers strategically important.

That creates a complicated negotiating process.

A trade agreement may require compromises across several sectors rather than a single concession.

What happened after the February 2026 framework?

India and the US announced in February 2026 that they had established a framework for the initial phase of the Bilateral Trade Agreement.

The next stage involved working through the details of that framework.

The supplied material says India’s Commerce Ministry had described Goyal’s discussions with his US counterpart as part of efforts to advance a “balanced and mutually beneficial” agreement and finalise an interim deal consistent with the February 7 joint statement.

Negotiations continued after changes in US tariff policy altered the broader trade environment.

That helps explain why officials have continued to describe the agreement as being close while simultaneously saying that some important issues remain unresolved.

Goyal earlier described the pact as “done and dusted”

The latest comments also follow remarks by Goyal on September 24.

According to the supplied account, the commerce minister said the trade pact was “done and dusted”, while also indicating that execution would depend on India receiving a competitive position relative to other suppliers in the US market.

That qualification is significant.

A negotiated understanding is not necessarily the same as a formally implemented trade agreement.

Governments may still need to complete legal, administrative and procedural steps before negotiated terms become operational.

India’s competition in the US market

One of the important issues for New Delhi is how Indian exporters will compete with suppliers from other countries in the American market.

The countries and regions identified in the supplied material include China, Bangladesh and ASEAN member states.

Indian policymakers have repeatedly emphasised the importance of maintaining competitive market access for Indian exporters.

If competing economies receive more favourable tariff or market-access treatment, Indian businesses could face a relative disadvantage in certain product categories.

That is why tariff differences and the treatment of competing exporters can become central issues in trade negotiations.

Why an interim agreement matters

An interim trade agreement can allow countries to resolve an initial group of issues without waiting for every aspect of a much larger trade pact to be completed.

For businesses, even partial clarity can be useful.

Companies making investment decisions, planning supply chains or negotiating export contracts often need some visibility over tariff and market-access conditions.

For governments, an interim arrangement can also establish progress while more complicated areas remain under negotiation.

However, the scope and practical significance of an interim agreement depend on its final terms.

Why the deal is not yet final

Greer’s comments provide an important distinction between “close” and “completed.”

The US trade representative said negotiators were in the final stages and had identified the outstanding issues.

But he also said there was nothing imminent.

That indicates that some unresolved questions remain significant enough to prevent an immediate announcement.

In major trade negotiations, the final stages can involve some of the most difficult discussions because negotiators have already resolved the relatively easier issues.

The remaining subjects can involve politically sensitive sectors, tariff treatment, market access or provisions with significant implications for domestic industries.

Trade is only one part of the Modi-Trump discussions

The latest Modi-Trump conversation was not limited to trade, according to the supplied material.

The two leaders also discussed areas including defence, energy and critical technologies, alongside other issues of mutual interest.

That broader agenda places the trade negotiations within a much wider India-US economic and strategic relationship.

The two countries have increasingly developed commercial and strategic links across technology, manufacturing, energy and security.

Trade remains an important part of that relationship, but it is not the only area under discussion.

What businesses are watching

Indian exporters and US companies are likely to focus on several questions as negotiations continue.

Tariff treatment: What duties will apply to products traded between the two countries?

Market access: Which sectors will receive improved access and under what conditions?

Competitive position: How will Indian exporters compare with suppliers from China, Bangladesh and ASEAN economies?

Implementation: When will negotiated terms formally take effect?

Scope of the interim agreement: Which issues will be covered immediately and which will remain for later negotiations?

The answers could have consequences for companies making decisions about sourcing, manufacturing and investment.

What happens next?

For now, negotiations continue.

Greer’s comments indicate that the two governments believe substantial progress has been made and that the remaining issues are known.

But the absence of an imminent agreement means further negotiations are still required before the pact can be treated as concluded.

Another conversation between Modi and Trump could provide a political assessment of that progress, but the outcome would still depend on the details being worked out by negotiators.

The timing of any final announcement therefore remains uncertain based on the information supplied.

India-US trade negotiations enter a decisive phase

The latest developments suggest that the India-US trade talks have reached an advanced stage but are not yet over.

Piyush Goyal and Jamieson Greer are continuing discussions, while the possibility of another Modi-Trump conversation indicates that the negotiations remain a priority at the leadership level.

At the same time, both sides still need to resolve the issues they have identified as sticking points.

The immediate takeaway is that India and the United States appear closer to an interim trade agreement, but “close” is not the same as final. Until the remaining issues are resolved and the agreement is formally concluded, businesses will continue to operate with uncertainty over the final terms.