New Delhi, India – The proposed trade agreement between India and the United States is in its concluding phases, with External Affairs Minister S. Jaishankar confirming that the “bulk of issues” have been addressed. Speaking at the Hindustan Times Leadership Summit 2026, Jaishankar noted that the remaining concerns largely originate from the American side, expressing hope for an imminent conclusion.
Progress and Remaining Hurdles
Jaishankar articulated India’s objective to secure a balanced and mutually beneficial trade deal with the US. He highlighted that while significant progress has been made, negotiators are currently tackling a few outstanding points, primarily reflecting American concerns. Commerce and Industry Minister Piyush Goyal echoed this sentiment, indicating that an announcement on the agreement could be made “quite soon,” describing negotiations as “smooth” and “very friendly.”
US Ambassador to India, Sergio Gor, also commented on the prolonged negotiations, stating the deal has been “at the finish line for a very long time” and expressed optimism for its finalization. Commerce Secretary Rajesh Agrawal confirmed a US delegation visited India in early November for these critical discussions.
India's Firm Stance on Key Sectors
Despite the push for a swift resolution, India maintains firm red lines on sensitive agricultural sectors. Minister Goyal reiterated that India will not compromise on farmers' interests, dairy market access, or genetically modified (GM) products. He emphasized India's historical position of never opening its dairy sector to foreign markets and consistently prohibiting GM products, a stance that will continue.
Phased Implementation and Tariff Assurances
The initial phase of the agreement is expected to concentrate exclusively on goods, with discussions concerning services slated for subsequent rounds. The United States has reportedly assured India of lower tariffs compared to its other trading partners, a key element in these negotiations. The formalization of the deal, which saw a framework finalized in February, has faced delays due to shifts in the global tariff landscape, geopolitical developments, and ongoing US trade investigations.
Broader Diplomatic Context
Beyond trade, Jaishankar also touched upon broader global challenges, including conflicts in West Asia and Ukraine, crises in parts of Africa, and the ongoing readjustment of the global order. He identified US-China rivalry as a contributing factor to global frictions but stressed the necessity for strong, consistent leadership in navigating these complex international dynamics.