'Bulk of issues sorted out': S Jaishankar on India-US trade deal, says remaining concerns more on Washington's side

Expectations of a breakthrough in India-US trade talks are rising, with External Affairs Minister S Jaishankar saying the proposed agreement is in its final stretch and Commerce and Industry Minister Piyush Goyal indicating that an announcement could come soon.

The deal is expected to focus initially on goods, with services to be discussed later. The United States has also assured India that it will face lower tariffs than its trading peers, even as New Delhi maintains its position on sensitive sectors such as dairy, agriculture and genetically modified products.

Bulk of issues resolved, says Jaishankar

Speaking at the Hindustan Times Leadership Summit 2026, Jaishankar said India was seeking a mutually beneficial and balanced trade agreement with the US.

“It is certainly our hope and, I would say, in many ways, our expectation that we are in the final stretch. That is no secret,” he said. “My understanding, since we consult very closely on this matter, is that we have sorted out the bulk of the issues. There are a few remaining issues to be addressed.”

Jaishankar said the remaining concerns were largely on the American side. “In many cases, these concerns are not so much on our side, because the changes have been more on the American side than ours. So, the hope is that we should be able to conclude the deal soon,” he added.

He also noted that impatience often rises during the final phase of major negotiations, but negotiators usually do not disclose specific details while talks are under way.

Announcement expected soon, says Goyal

Goyal said on Friday that an announcement on the agreement was likely “quite soon”. He described the US as an important partner for India in trade, technology, defence and critical minerals.

“We're having fabulous negotiations with the United States of America,” Goyal said. “Our negotiations are smooth, very friendly, and I think the good news is that there are no obstacles and a few issues left which we are sorting out. Everything is possible, and you could hear the announcement quite soon.”

Goyal had earlier said India would secure one of the “best” trade deals with the US and had negotiated favourable outcomes.

US Ambassador to India Sergio Gor also said the agreement had been “at the finish line for a very long time”. He added: “We hope we will be able to get it across the finish line.” Commerce Secretary Rajesh Agrawal confirmed that a US delegation had visited India in early November for negotiations.

First phase to focus on goods

The first phase of the agreement will focus exclusively on goods, while services will be addressed in subsequent negotiations, Bloomberg News reported, citing an official familiar with the talks.

India and the US finalised a framework for the first phase in February. Its formalisation has been delayed by changes in the tariff landscape, geopolitical developments and US trade investigations.

Goyal has reiterated that India will not compromise on sensitive agricultural sectors, farmers' interests, dairy market access or genetically modified products. “Till date, we have never opened up dairy for anybody,” he said, adding that India had never allowed GM products and would not do so in the future.

Jaishankar addresses global conflicts

Jaishankar also spoke about the conflicts in West Asia and Ukraine, crises in parts of Africa and the readjustment of the global order. He said US-China rivalry was one factor behind global frictions, but not the only one, and stressed the need for strong and steady leadership.