Union Commerce and Industry Minister Piyush Goyal on Thursday, Oct 29, expressed confidence that the proposed India-US trade agreement would strengthen India’s competitive position without compromising the interests of farmers or other stakeholders. Speaking at the fourth ISID-IDRA National Conference on India’s Industrial Transformation in Delhi, Goyal defended the ongoing negotiations against criticism. He said the agreement’s details would demonstrate that sensitive domestic interests had been protected while securing favourable trading opportunities for India. Goyal maintained that India would emerge with a strong comparative advantage once the agreement was finalised. His remarks followed comments from US Secretary of State Marco Rubio, who indicated that negotiations were close to completion. After meeting External Affairs Minister S Jaishankar in Mumbai, Rubio said only a few outstanding issues remained. “We’re very, very close,” Rubio told reporters, according to the Associated Press. Goyal had also indicated last week that the first tranche of the proposed agreement was approaching completion. He said most negotiations had concluded, with officials working through remaining technical details. The minister reiterated that the interim arrangement would safeguard Indian farmers’ interests.
Negotiations have faced difficulties over US tariffs and India’s continued imports of Russian oil. Washington imposed tariffs of up to 50% on most Indian goods in August 2025 after negotiations broke down. The countries subsequently agreed on a framework in February 2026 that reduced the tariff rate to 18%, although discussions later slowed. Earlier this month, Finance Minister Nirmala Sitharaman acknowledged the slowdown, describing negotiations as having “plateaued”. India has maintained that tariffs on its exports should remain broadly comparable with those imposed on competing manufacturing economies, including Vietnam. Despite these differences, both governments have continued efforts to conclude the proposed trade arrangement. Rubio also confirmed that his discussions with Jaishankar covered energy security and defence cooperation. The final agreement’s terms, including tariff provisions and protections for sensitive sectors, remain subject to completion of negotiations.
