India–US Trade Deal in Final Stages, Completion Expected Soon: Jaishankar

India and the United States are in the final stages of detailing their proposed trade agreement, which is expected to be completed “very soon” and open a new phase in bilateral relations, External Affairs Minister S Jaishankar said on Thursday.

Jaishankar made the remarks as he concluded a visit to Washington, days after New Delhi and Washington announced an agreement to reduce US tariffs on Indian goods. During his trip, he attended a ministerial meeting on critical minerals and held discussions with US Treasury Secretary Scott Bessent and Secretary of State Marco Rubio on trade and economic cooperation.

“The historic India–US trade deal is in the final stages of detailing and will be completed very soon. It opens up a new phase in our bilateral ties, with vast possibilities for the relationship,” Jaishankar said in a post on social media.

He added that cooperation in critical minerals was advancing rapidly and that further engagement on strategic, defence and energy issues was expected in the coming days, signalling renewed momentum in ties after months of strain over trade-related disputes.

Jaishankar said the negotiations are being handled by Commerce Minister Piyush Goyal and declined to give a specific timeline for the deal’s completion.

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Tariffs Set at 18 Per Cent

In New Delhi, External Affairs Ministry spokesperson Randhir Jaiswal confirmed that the final tariff rate on Indian exports to the US has been fixed at 18 per cent.

Referring to statements issued after Prime Minister Narendra Modi’s phone conversation with US President Donald Trump earlier this week, Jaiswal said Indian products would enter the US market at the reduced rate once the agreement is finalised.

“This trade agreement will give a major boost to our exports to the US. It will particularly benefit labour-intensive industries, create jobs and promote growth and prosperity,” he said.

Officials familiar with the matter said the reduced tariff would come into effect after remaining formalities are completed. The agreement is expected to form the first tranche of a broader bilateral trade pact.

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Safeguards and Strategic Cooperation

According to sources, India is unlikely to cut tariffs on US goods to zero, and New Delhi has ensured safeguards for sensitive sectors such as agriculture and dairy.

During his meeting with Bessent, Jaishankar discussed ways to deepen economic partnership and strategic cooperation. Talks with Rubio focused on trade, energy, defence, nuclear cooperation, critical minerals and technology.

Both sides also agreed to hold early meetings of bilateral mechanisms to advance shared priorities, Jaishankar said.

Officials added that recent high-level contacts, including visits by US Ambassador Sergio Gor to New Delhi, reflect efforts by both countries to stabilise relations across sectors and strengthen their long-term strategic partnership.