Amazon and Walmart could emerge as key beneficiaries of the evolving India-US trade talks, with Washington expected to press New Delhi for greater access to the country’s $125 billion e-commerce market, the Financial Times reported on Tuesday.

Citing industry executives, lobbyists, and US officials, the report said the Trump administration is gearing up to push Prime Minister Narendra Modi’s government for a level playing field in the e-commerce space—one that allows American giants like Amazon and Walmart more flexibility than current rules permit.

India currently imposes restrictions on foreign-owned online retailers, including bans on holding inventory and selling directly to consumers. Domestic players like Reliance, by contrast, face no such constraints, giving them an edge in both online and offline retail.

The trade talks are expected to cover a broad range of sectors—from food and automobiles to digital commerce.

While specific US demands on e-commerce have not been disclosed, negotiators are hoping to iron out a deal within the 90-day tariff truce announced by President Trump on April 9 for key trading partners, including India.

US Vice President JD Vance also met with Prime Minister Modi on Monday, signalling a diplomatic push toward sealing the agreement.

Neither Amazon nor Walmart have commented on the developments, and India has yet to outline its position publicly. However, New Delhi is seen to be prioritising the deal to stave off potential tariffs and preserve its export competitiveness.