India–US Trade Deal Nears Completion as Goyal Seeks ‘Fair and Balanced’ Terms
Commerce and Industry Minister Piyush Goyal has signalled that “good news” on the long-discussed India–US trade agreement will follow once both sides reach a deal that is “fair, equitable and balanced.” Speaking at the Indo-US Economic Summit, he emphasised that India will safeguard the interests of farmers, fishermen, small industries and all sensitive sectors. The bilateral trade pact has been under negotiation since March 2025, with six rounds of talks completed so far.
According to Commerce Secretary Rajesh Agrawal, both countries are close to finalising the first phase of the agreement, which will focus on reciprocal tariffs. This tranche aims to address issues such as the US’s 50% tariff on certain Indian goods, including the 25% penalty on purchases of Russian crude, while the US seeks improved market access in India. Agrawal indicated that major sticking points have largely been resolved, and additional negotiation rounds may not be required.
Despite the progress on trade talks, India’s merchandise exports to the US dipped in October 2025 to $6.31 billion, though cumulative exports from April to October rose over 10% year-on-year. Reports suggest the full trade deal could be announced by the end of November, with India expected to permit duty-free imports of US soyabean, corn and some dairy products. The focus now is on finalising tariff ranges—currently being discussed between 12–15% or 15–19%—with India also planning to use imported US corn for ethanol production.
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