Investing.com -- India and the United States may complete an interim trade deal by mid-July, Commerce and Industry Minister Piyush Goyal said Friday, as Washington proposed new tariffs on imports from major trading partners including India.

The minister told reporters in Visakhapatnam that the countries should be ready to execute "a very vibrant first tranche" by the middle of next month. He said the deal would provide India with preferential access over its competitors.

A US trade delegation led by chief negotiator Brendan Lynch was in New Delhi from June 1-4 to advance negotiations and finalize details of an interim trade agreement.

Goyal's comments came hours after US President Donald Trump told reporters in the Oval Office that Washington and New Delhi will strike a long-awaited trade agreement after negotiators completed talks this week.

The development occurred as the Office of US Trade Representative proposed to impose tariffs of at least 10% on imports from 60 trading partners following a Section 301 investigation into goods allegedly produced with forced labor. The Trump administration described this as its biggest move to revive a protectionist trade agenda after reciprocal levies were struck down by the US Supreme Court.

For products from nations including China, India, Japan, South Korea, and Brazil, a 12.5% levy has been proposed. New Delhi said it is engaged with Washington on the Section 301 probes.

Goyal said the countries are moving quickly to close all remaining issues, adding that an even higher level delegation from the US is expected to visit India toward the end of this month.