Piyush Goyal says most negotiations are concluded; Washington and New Delhi are fine-tuning the historic bilateral trade agreement amid tariff discussions
Washington, October 2026 : The White House has said the Trump administration is engaged in “productive talks” with India to finalise a historic bilateral trade deal, signalling continued progress in negotiations between the two countries. The statement came hours after Union Commerce and Industry Minister Piyush Goyal said India and the United States had concluded most discussions and were fine-tuning the proposed agreement.
“Representatives of the Trump administration continue to engage in productive talks with Indian officials to secure a historic trade deal that puts Americans and America First,” White House spokesperson Matthew Middleton mentioned.
Middleton also highlighted the relationship between US President Donald Trump and Prime Minister Narendra Modi, saying both leaders remained committed to taking bilateral ties to new heights.
“President Trump and Prime Minister Modi have a close personal relationship, and both leaders remain committed to lifting bilateral ties to new levels,” he said.
Piyush Goyal Says Most Trade Negotiations Concluded
Speaking at the India-Netherlands Business Forum in The Hague on Monday, Goyal said the two countries had completed most of the discussions on the proposed trade agreement.
“We have concluded most of the discussions and are fine-tuning the agreement,” the minister said.
Goyal is visiting Germany and the Netherlands as part of a programme that includes a business delegation. During his remarks, he also highlighted India's progress in expanding international trade partnerships, stating that the country had concluded nine free trade agreements over the past four and a half years.
The proposed India-US trade deal is being closely watched by businesses and exporters in both countries because of its potential implications for market access, tariffs, investment and bilateral commerce.
Tariff Changes Shape India-US Trade Deal Talks
India and the United States announced a framework for the first phase of a bilateral trade agreement on February 7. Under the framework, the US reduced tariffs on Indian goods to 18% from 50%, according to the details provided in the announcement.
Subsequent changes in US tariff policy, including developments following a US Supreme Court ruling on tariffs, led to further negotiations between the two sides.
The discussions have continued through several high-level meetings. Goyal met US Trade Representative Jamieson Greer on the sidelines of the G20 Trade Ministerial in Milwaukee on October 1. A delegation led by Commerce Secretary Rajesh Agrawal subsequently held discussions with US officials in Washington from October 15 to 17.
US Secretary of State Marco Rubio also indicated progress during his visit to Mumbai on October 20, saying the two countries were close to reaching an agreement.
“We’re very, very close,” Rubio told reporters, adding that only a small number of issues remained to be resolved. He clarified that the State Department did not negotiate trade agreements directly but was closely involved in developments.
Energy, Technology and Market Access Key to Negotiations
The India-US trade negotiations have drawn considerable attention as Washington seeks to increase India's purchases of American energy and technology products, while Indian exporters are seeking improved access to the US market and relief from tariffs.
India has indicated its intention to purchase $500 billion worth of American products over five years. The proposed purchases include energy products, aircraft and aircraft parts, precious metals, technology products and coking coal.
The scale of the proposed purchases highlights the importance of energy, aviation, technology and industrial trade in the broader economic relationship between the two countries.
The United States is India's largest trading partner, making the outcome of the negotiations significant for exporters, manufacturers and businesses across several sectors.
Businesses Await Finalisation of Bilateral Agreement
With both governments indicating progress, attention is now focused on resolving the remaining issues and finalising the terms of the India-US trade agreement.
A completed deal could shape future bilateral trade relations, influence tariff arrangements and provide greater clarity for businesses operating across the two markets. However, the agreement has yet to be formally finalised, and the final outcome will depend on the completion of negotiations between Washington and New Delhi.
(Disclaimer :The content of this article is sourced from a news agency and has not been edited by the Mavericknews30 team.)
