US-India Trade Deal Nears Closure, Officials Say
US-India Trade Deal Nears Closure, Officials Say
US-India trade talks edge closer to a deal, with officials signaling near-closure amid tariff and market-access talks, emphasizing a fair, balanced outcome.
A senior Trump administration official has said that the long-discussed trade deal between the United States and India could be finalised 'soon.' In a CNBC interview, Kevin Hassett, director of the National Economic Council, said both sides are 'very close' to wrapping up the agreement, noting that talks have been ongoing since March and have already traversed six rounds. He acknowledged the path isn’t simple, with India’s relationship with Russia adding a layer of complexity, but expressed optimism that the deal could be achieved. The negotiators are aiming to address tariffs, market access, and trade imbalances as part of a push that could see bilateral trade more than double to $500 billion by 2030, up from about $191 billion today.
On the Indian side, Commerce and Industry Minister Piyush Goyal has stressed that any deal must be 'fair, equitable, and balanced' and that India will defend the interests of farmers, fishermen, and small industries. He emphasized that progress will come only when the package works for stakeholders at home as well as for American partners, and he signaled there is no need to worry about the overall relationship despite occasional disagreements.
A broader sense of momentum is reflected in remarks about the partnership’s strength and future focus. Goyal cited a recently announced 10-year defense pact and a long-term LPG import agreement as evidence of converging interests, underscoring that Washington and New Delhi view each other as trusted partners pursuing shared global prosperity even as negotiators work through delicate issues.
Analysts caution that while the rhetoric is upbeat, the road to a final accord will hinge on balancing sensitive sectors: tariffs, subsidy rules, market access for farm products, and rules of origin. With both sides insisting on a deal that protects vulnerable Indian stakeholders yet opens the door to greater U.S. access, the window for a conclusion remains uncertain but not closed.
If a deal does land, it would mark a milestone in the evolving US-India strategic and economic partnership at a time when both economies are navigating a shifting global trade landscape. For now, officials say 'soon' could be nearer than before, as visits and conversations continue and negotiators push to turn shared optimism into a concrete agreement.
Cover image source: Piyush Goyal: 'Good news on India-US trade deal once it's fair and balanced' 🔗
