4 min readNew DelhiMay 27, 2026 11:15 AM IST
United States Trade Representative (USTR) Jamieson Greer on Wednesday said that he expects to meet Commerce Minister Piyush Goyal soon to finalise the India-US framework deal under discussion since early this year. New Delhi and Washington had agreed to the framework for a deal, but the reciprocal tariffs that served as the basis of the American trade agreements were declared illegal by the US Supreme Court in February.
“On New Delhi, we have had many meaningful discussions. We have a framework agreement with the Indians. I have a team going there next week. I expect to meet my counterpart [Piyush Goyal] soon as well. I’d really like to be in a position to finalise our agreement based on the joint framework agreement we agreed to,” Greer said at a Council of Foreign Relations conference.
Greer’s comments come as the US is expected to come out with a new tariff architecture next month to replace reciprocal tariffs. The new set of tariffs is expected to follow the Section 301 investigation that the US launched in March on scores of countries, including India. Government officials said that India expects a comparative advantage in the new US tariffs for the deal to be finalised.
“As we wrap up some of the Section 301 investigation in the coming months, USTR will put out a federal register notice to communicate our findings if we find something objectionable, then we can make a proposal whether its tariffs, quotas or export control measures and investment creating measures,” Greer said.
Ahead of the US-India trade talks next week, an Indian trade delegation is in Canada for negotiations to sign a deal with Ottawa by the end of the year. Talks with Ottawa have picked up amid ongoing U.S.-Mexico-Canada Agreement (USMCA) negotiations, where the US and Mexico have started talks without Canada following a trade war.
Amid testy US-Canada ties, Goyal has led a delegation with 100 industry leaders. The Ministry of Commerce said that Comprehensive Economic Partnership Agreement (CEPA) negotiations have moved swiftly since the Terms of Reference were signed in March 2025. “A first round of virtual talks was held in March 2026, followed by a second round that concluded on May 8, 2026. A concurrent round of technical negotiations is underway in Ottawa from May 25–29, running in parallel with Minister Goyal’s visit, signalling the seriousness and pace both sides are bringing to the process,” the ministry said.
Talks with the US for a deal assume significance as several countries are holding on to capex investment, awaiting Washington’s new tariff architecture. For India, a slowdown in investments has resulted in a rapidly weakening currency. India saw gross Foreign Direct Investment (FDI) inflows rise to a new record high of $94.53 billion in 2025-26, up 17% from the previous year, although the net figure was a mere $7.65 billion, data released last week by RBI showed.
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Inflows had risen sharply in February on the back of global investor sentiment reversing in the wake of the signing of an interim trade deal between India and the US early that month, which eliminated the penal 25% tariff and reduced the reciprocal tariff to 18% from 25%. Foreign Portfolio Investors (FPIs) had also net bought Indian financial assets in February to the tune of $4.17 billion. However, once the West Asia war began at the end of February, foreign capital has exited Indian shores in droves: $13.6 billion in March, $7.56 billion in April, and $2.62 billion so far in May.
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