India, US have resolved bulk of trade deal issues, pact could be sealed soon: Jaishankar

New Delhi: External Affairs Minister S Jaishankar revealed on Saturday that India and the US have resolved most of the issues in the proposed trade deal, which could be finalized soon. This statement comes a month before Prime Minister Narendra Modi's anticipated visit to the US for the G20 Summit, where he might meet with President Donald Trump to discuss the bilateral ties and the progress of the trade pact.

During an interactive session at the HT Leadership Summit, Jaishankar stated that the negotiations are nearing completion, with many of the remaining issues stemming from the American side. He expressed optimism about closing the deal soon, noting that the last stretch of concerns is not a significant hurdle for India. The US Secretary of State Marco Rubio had previously stated in Mumbai that both sides are very close to finalizing the trade deal.

India and the US have been negotiating the proposed trade pact since early 2025, focusing on tariff friction, eliminating non-tariff barriers, and enhancing bilateral market access. India seeks better tariffs than its competitors for its goods in the US market. Jaishankar emphasized the importance of a balanced and beneficial trade deal that would provide India with a comparative advantage over similar economies.

The external affairs minister also compared the proposed trade pact to earlier deals with Asian economies, highlighting that the gains expected from those free trade agreements did not materialize due to a lack of strategic and economic assessment. He pointed out that more recent FTAs have been more carefully considered and economically evaluated.

India is the US's largest market, and Jaishankar argued that a trade deal with the US would benefit both countries. The US, under President Trump, is also looking to establish numerous bilateral deals to improve markets. The challenge lies in finding the right balance and addressing the serious issues at stake. Jaishankar acknowledged that the process requires patience and understanding, stating that the painstaking effort has brought the negotiations close to completion.