India-US Trade Deal Approaches Conclusion: Insights from Jaishankar and Piyush Goyal on Negotiations and Bilateral Relations
NEW DELHI: External Affairs Minister S. Jaishankar confirmed that India and the United States are actively engaged in discussions to resolve differences over a proposed trade deal. He indicated that negotiations are moving towards a “landing point.” Jaishankar made these remarks during the Bloomberg New Economy Forum, emphasizing that the core fundamentals of the bilateral strategic partnership remain unchanged.
Jaishankar noted that negotiations involve not only discussions between India and the US but also how India fares against other economies in similar negotiations. He stated that the outcome will depend on the terms secured by other countries in their talks with Washington. “I think people, the trade ministers, USTR (US Trade Representative) there and our Commerce and Industry Minister are there working on that. They’re ironing it out,” he said.
Commerce and Industry Minister Piyush Goyal echoed Jaishankar’s sentiments, stating that India-US relations are “very good” and will continue to improve regardless of political changes in either country. Goyal highlighted the multifaceted nature of the relationship, which extends beyond trade to include defense, technology, and people-to-people ties. He expressed confidence that the relationship would remain strong, stating, “The US and India have a very, very consequential relationship and it’s only going to get better.”
Negotiations for the bilateral trade pact have been ongoing since early 2025, aiming to address tariff-related tensions and improve market access. India is seeking more favorable tariff terms for its exports compared to those offered to competing economies. Earlier this month, US Trade Representative Jamieson Greer indicated that while both countries are working to finalize a trade deal, an agreement is not imminent.
Jaishankar also commented on the changing approach of the US towards economic engagement, noting that tariffs are part of a broader effort to revive domestic manufacturing. He stated, “The US is today determined to re-industrialize and to reset the terms of access to its economy.” He emphasized that India is not alone in these negotiations and that discussions are at an advanced stage.
Jaishankar clarified that India’s relationship with the US is based on a strategic partnership rather than a formal alliance. He pointed out that both countries have spent over two decades identifying shared interests and areas of convergence. Despite recent tensions, including punitive tariffs and changes to US immigration policy, India’s exports to the US rose by 0.92% to $87.3 billion in the 2025-26 fiscal year, while imports increased by 15.95% to $52.9 billion.
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