India, US Fine-Tune Trade Deal as Talks Near Completion

India and the United States have concluded most discussions on their proposed trade agreement and are fine-tuning the remaining details, Commerce Minister Piyush Goyal said on October 26, 2026.

India and the United States have concluded most discussions on their proposed bilateral trade agreement and are now fine-tuning the remaining details, Commerce and Industry Minister Piyush Goyal said on October 26, 2026. His remarks indicate progress in negotiations that have continued amid changes in US tariff policies and efforts by both countries to strengthen economic ties.

Goyal made the announcement in The Hague while attending the India-Netherlands Business Forum during an official visit to the Netherlands. He is leading a business delegation focused on expanding commercial cooperation between India and European markets. The minister also highlighted India's recent trade engagement, stating that the country had concluded nine free trade agreements over the past four and a half years.

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The two countries announced a framework for the first phase of their bilateral trade agreement in February 2026. However, changes in the US tariff environment and subsequent legal developments led to further negotiations before the agreement could be formally concluded. The proposed pact is intended to improve market access, address trade barriers and establish a framework for expanding bilateral commerce.

Under the February framework, the United States had indicated a reduction in tariffs on Indian goods to 18% from 50%, while India agreed to eliminate or reduce tariffs on a range of US industrial goods and selected food and agricultural products. The framework also covered cooperation on technology trade, medical devices, information and communication technology products, and digital trade. These commitments remain subject to the final agreement and the evolving tariff framework.

Negotiations have continued through high-level meetings between officials from both countries. Goyal met US Trade Representative Jamieson Greer on the sidelines of the G20 Trade Ministers’ Meeting in Milwaukee on October 1, describing their discussions as productive. A team led by Commerce Secretary Rajesh Agrawal also held talks with US officials in Washington from October 15 to 17.

US President Donald Trump recently expressed optimism about reaching an agreement, while US Secretary of State Marco Rubio said the negotiations were close to completion, with a limited number of issues still to be resolved. India, meanwhile, has stressed the importance of securing competitive terms for its exporters compared with other manufacturing economies.

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The final agreement could influence trade flows across manufacturing, pharmaceuticals, gems and jewellery, agriculture, energy and technology. However, the two governments have yet to announce a definitive signing date or disclose the complete terms. The current fine-tuning phase signals progress, but the agreement's commercial impact will depend on the final tariff commitments and implementation arrangements.