India and the United States are in the final stages of concluding an interim bilateral trade agreement, foreign secretary Vikram Misri said on Thursday, a day after Prime Minister Narendra Modi and US President Donald Trump discussed trade on the sidelines of the G7 Summit in France.
"With the United States, we have made significant progress already on the conclusion of an interim bilateral trade agreement. We are in the final stages of concluding that agreement," Misri told reporters in a press conference on Thursday, adding that US Trade Representative Jamieson Greer will visit India next week to take the discussions forward.
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Misri said the proposed trade pact figured prominently in the meeting between Modi and Trump, with both leaders directing officials to expedite its conclusion.
The remarks came after Trump said the two countries were "very close" to finalising a long-awaited trade deal. Speaking to reporters after his meeting with Modi, Trump described the Indian prime minister as "one of the toughest" negotiators and said discussions had been underway for some time.
"We had, in particular, some very good conversations with Prime Minister Modi, India. And we're doing trade deals, we're doing a lot of things, a lot of things are happening between the United States and India," Trump said.
{{/usCountry}}"We had, in particular, some very good conversations with Prime Minister Modi, India. And we're doing trade deals, we're doing a lot of things, a lot of things are happening between the United States and India," Trump said.
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The US President also praised Modi for encouraging Indian investments in the United States, saying, "Prime Minister is building a lot in the United States. He's spending a lot of money in the United States."
India and the US reached an interim understanding on trade in February after nearly a year of negotiations and are now working towards finalising the agreement.
Misri also said that the trade that the deal had caused uncertainty between the two nations. "There are ups and downs in relations between nations, the leaders of both nations deal with them," Misri said, according to Reuters.
India-UK trade deal to come into effect from July 15
PM Modi on Wednesday also welcomed the India-UK Comprehensive Economic and Trade Agreement (CETA) coming into force on July 15, calling it a "historic milestone" in bilateral ties and a major boost for trade and investment between the two countries.
In a post on X, Modi said the agreement would deepen economic engagement between India and the United Kingdom and create new opportunities across key sectors. "This agreement will significantly boost our bilateral trade and investment," he said.
The announcement came after British High Commissioner to India Lindy Cameron confirmed that the India-UK Free Trade Agreement (FTA) will take effect from July 15, describing it as a landmark development in the economic relationship between the two nations.
The implementation marks the final stage of a trade pact signed by India and the UK in July 2025 after nearly three years of negotiations. The agreement is expected to enhance market access, increase bilateral trade, and encourage greater investment flows between the two countries.