Commerce and Industry Minister Piyush Goyal on Tuesday assured that “good news” regarding the long-awaited trade agreement between India and the United States will come once the deal is “fair, equitable and balanced.” Speaking at the Indo-US Economic Summit in New Delhi, he said that New Delhi will also protect the interests of farmers and fishermen in the agreement. He stated, “When the deal will become fair, equitable and balanced, you will hear good news.”
The two countries have been negotiating the proposed bilateral trade agreement since March 2025. To date, six rounds of talks have been completed. Goyal further clarified that trade negotiations are an ongoing process, where India’s focus is on ensuring that all sectors, including agriculture and small industry, are well-protected.
On Monday, Commerce Secretary Rajesh Agrawal revealed that the US and India were close to finalising a package on reciprocal tariffs, which will form the first part of the broader trade deal. Agrawal mentioned that “the first tranche of the bilateral trade deal will address the reciprocal tariffs,” though he declined to specify a timeline for its completion. This initial phase will focus on resolving issues such as the 50% tariff on Indian goods imposed by the US, including a 25% penal tariff on India’s purchase of Russian crude oil. In return, the US aims to secure improved market access for its goods into India.
Officials close to the talks indicated that further rounds of negotiation may not be necessary, suggesting that the two countries are nearing an agreement. A team led by Rajesh Agrawal had visited the US last month to accelerate the stalled talks.
While progress is being made on the trade pact, India’s merchandise exports to the US showed a dip in October 2025. Exports amounted to $6.31 billion, down from $6.9 billion in October 2024 and $5.47 billion in September 2025. However, cumulative merchandise exports to the US for the period April–October 2025 stood at $52.12 billion, showing a 10.15% increase compared to $47.32 billion during the same period in 2024.
On Sunday, Deccan Chronicle reported that the US and India are set to announce a trade deal by the end of November after Washington agrees to withdraw penalty tariffs. According to the report, India will open its market to duty-free imports of soyabean, corn, and certain dairy products.
The focus now is on finalising reciprocal tariffs, the report said. Two ranges are being discussed: between 12 and 15 per cent or between 15 and 19 per cent. Both sides have reportedly settled most issues related to product lists eligible for duty-free or reduced-duty imports. India’s key concession involves allowing the import of US soyabean and corn. India plans to use the corn imported from the US for the production of ethanol.
