India-US Trade Deal Nears Finish Line, EAM Jaishankar Signals Imminent Breakthrough

External Affairs Minister S. Jaishankar has expressed optimism regarding the long-awaited trade agreement between India and the United States, suggesting that negotiators are currently traversing the final stages of a complex deliberation process. Speaking at the HT Leadership Summit, the Minister indicated that the majority of hurdles have been cleared, paving the way for a potential formalization of the pact in the near future.

Approaching the ‘Finishing Line’

With Prime Minister Narendra Modi’s anticipated visit to the U.S. for the G20 Summit in Miami next month, the timing for a breakthrough appears significant. During the summit, leaders are expected to review the broader bilateral roadmap, which includes the pending trade deal. Jaishankar confirmed that the two nations are in the “last stretch” of negotiations, emphasizing that the remaining bottlenecks are largely driven by policy shifts on the American side rather than domestic constraints in India.

“We are at the last stretch. The bulk of the issues have been sorted out,” Jaishankar stated, addressing the impatience surrounding the timeline. He noted that trade negotiations involving intricate tariff adjustments require painstaking, line-by-line scrutiny—a process that has been essential to ensuring the deal serves India’s long-term strategic and economic interests.

Balancing Strategic Interests

The proposed pact aims to resolve longstanding frictions related to tariffs and non-tariff barriers, with India aggressively seeking enhanced market access for its exports. For New Delhi, the primary goal is to secure a balanced agreement that provides a competitive edge over other comparable economies.

Jaishankar stressed that India’s approach to trade agreements has evolved significantly. Reflecting on past FTAs with Asian partners, the Minister acknowledged that earlier deals did not always yield the expected economic gains. Consequently, the current negotiations with the U.S. have been subjected to more rigorous strategic and economic assessments to ensure they translate into tangible growth and job security.

“For us, the key is that we want a trade deal which is beneficial, balanced, and which would give us a comparative advantage,” he explained. He underscored that given the U.S. remains India’s largest market, establishing a stable trade framework with the world’s largest economy is of paramount importance.

A Painstaking Process

Responding to queries about the duration of the talks, which have been ongoing since early 2025, the Minister defended the measured pace of the discussions. He argued that when the livelihoods of millions and the complexities of diverse industrial sectors are at stake, “bold thinking” must be tempered by procedural diligence.

While President Donald Trump has been pursuing a suite of bilateral deals to bolster American market access, finding a “landing point” between the two nations required moving beyond generalities to address specific, granular tariff lines.

As both administrations prepare for the high-level meeting in Miami on December 14 and 15, the diplomatic sentiment remains guardedly positive. Echoing recent comments from U.S. Secretary of State Marco Rubio, who confirmed that both nations are very close to a final agreement, Jaishankar signaled that the culmination of this painstaking work is now finally within reach.

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