The stakes are high, with the United States and India counting on one another as indispensable partners in their competition with China.

US Trade Representative Jamieson Greer said “more negotiations” will be needed with India on a trade deal just days before an Aug. 1 deadline for higher tariffs.

Indian shares were muted in early trades on Tuesday, with benchmark indexes near six-week lows, as concerns over a delay in signing a trade deal with the United States and sustained foreign outflows hurt demand.

The trade deal between India and the US remains unfinalized despite ongoing discussions. Key issues include US demands for greater access to Indian agricultural markets and tariffs on imports. Delays could negatively impact the Indian economy and stock market.

With Trump's tariffs looming, Indian and American officials are in intense discussions to find common ground on customs duties. Despite USTR Jamieson

The US team will visit India on August 25 for the next round of negotiations for the proposed bilateral trade agreement between the two countries, an official said on Tuesday. The official added that the two sides continue to be engaged in an interim trade deal as the August 1 deadline is approaching.

Indian negotiators aim to secure trade agreements benefiting MSMEs, similar to the India-U.K. CETA provisions, in talks with the U.S. and EU.

India's equity benchmarks were set for a muted open on Tuesday amid caution over a delay in interim trade deal with the United States, sustained foreign outflows and weak earnings.

Prateek Agrawal, MD and CEO, Motilal Oswal AMC told NDTV Profit that the India-US trade deal should be a 'win-win' for both sides. He added that the deal may open a large export market for India.

The India-UK trade pact has incorporated a mutual recognition agreement framework to facilitate smoother entry of medical devices certified by domestic regulatory agencies into the British market, an official said on Tuesday.

Indian shares fell on Monday as financials and IT declined due to weak results from Kotak Mahindra Bank and Tata Consultancy Services' layoff plans, respectively, and as uncertainty over trade talks with the U.