Government: Significant progress already made on interim US FTA

India and the United States are nearing the final stages of concluding an interim bilateral trade agreement, according to Foreign Secretary Vikram Misri, who announced the progress shortly after Prime Minister Narendra Modi and U.S. President Donald Trump met at the G7 Summit in France. This update comes as part of ongoing efforts to finalize a much-discussed trade pact that has seen its share of challenges over the past year. Misri emphasized that the agreement is now poised for completion, with U.S. Trade Representative Jamieson Greer set to visit India next week to continue the dialogue. Both leaders, during their private meeting, directed their respective teams to expedite the process, underscoring the importance of the trade deal for bilateral economic ties.

The discussions between Modi and Trump took place on the sidelines of the G7 Summit, where the focus was on global economic cooperation and addressing pressing international issues. Trump remarked that the two nations were "very close" to finalizing the long-awaited trade deal, highlighting the significance of the agreement for both economies. He praised Modi for his efforts in promoting Indian investments in the United States, noting that the Prime Minister is actively contributing to economic growth in the country. The progress made so far includes an interim understanding reached in February following nearly a year of negotiations, which has laid the groundwork for the finalization of the full agreement.

In addition to the U.S.-India trade discussions, Modi also welcomed the implementation of the India-United Kingdom Comprehensive Economic and Trade Agreement (CETA), which will come into effect on July 15. This agreement represents a historic milestone in Indo-British relations, aiming to deepen economic engagement and open new avenues for trade and investment. The CETA follows nearly three years of negotiations and is expected to enhance market access, boost bilateral trade, and encourage increased investment flows between the two nations. British High Commissioner to India Lindy Cameron confirmed the agreement's implementation, emphasizing its role as a landmark development in the economic relationship between India and the UK.

Meanwhile, during the G7 Summit, Modi engaged in high-level discussions with European Union leaders, including European Council President António Costa and European Commission President Ursula von der Leyen. These meetings focused on accelerating the signing and implementation of the India-EU Free Trade Agreement (FTA), which was finalized earlier this year. Both leaders expressed confidence in the progress made and outlined plans to sign the agreement by the end of the year. The FTA is seen as a crucial step toward enhancing economic linkages and contributing to a more stable and prosperous global environment. Discussions also touched upon defense and security cooperation, as well as initiatives like the India-Middle East-Europe Economic Corridor (IMEC).

Modi also met with German Chancellor Friedrich Merz, reviewing bilateral ties and exploring opportunities for enhanced cooperation in areas such as trade, defense, technology, and sustainable development. The leaders welcomed the signing of the defense industrial cooperation roadmap and the operationalization of a transit visa waiver for Indian nationals. Their discussions also included the Russia-Ukraine conflict and developments in West Asia, with both leaders expressing support for peaceful resolutions and stability in the region.

As the G7 Summit drew to a close, the momentum surrounding trade agreements and diplomatic engagements continued to build. With multiple trade pacts in the pipeline and a strong emphasis on economic collaboration, the next phase will involve concrete actions to implement these agreements and solidify India's position as a key player in global economic diplomacy. The upcoming visits by U.S. officials and the anticipated signing of the India-EU FTA signal a promising outlook for India's international trade relations in the coming months.