India and US Work Towards Swift Conclusion of Trade Deal, Commerce Minister Piyush Goyal States

The ongoing discussions for a bilateral trade agreement between India and the United States are advancing, with both nations eager to finalise the deal promptly, according to Commerce and Industry Minister Piyush Goyal. He expressed optimism about announcing positive developments soon.

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Goyal highlighted that each free trade agreement is unique, and the negotiations with the US are progressing well. "My counterpart in the US and I have a very wonderful working relationship and a wonderful personal friendship. We are working towards closing the deal quickly," he stated in an interview.

Progress on India-US Trade Agreement

When questioned about the timeline for concluding this significant trade pact, Goyal noted that such agreements are not bound by deadlines. He emphasised that they will be finalised at an appropriate time, ensuring the interests of both countries are met.

The recent completion of a free trade agreement between India and the European Union has been referred to as the "mother of all deals." In contrast, the potential India-US agreement is being anticipated as the "father of all deals."

Key Discussions on Bilateral Relations

External Affairs Minister S Jaishankar engaged in discussions with US Ambassador Sergio Gor ahead of his upcoming visit to Washington. Their talks focused on crucial aspects of bilateral relations, including trade, critical minerals, and defence.

Jaishankar's trip to the United States includes attending an inaugural ministerial meeting on critical mineral supply chains. He is also expected to meet Secretary of State Marco Rubio as both sides strive to advance the proposed trade deal.

US Delegation Visits India

A delegation from the US Trade Representative's office, led by Deputy Trade Representative Ambassador Rick Switzer, visited New Delhi in December 2025 for trade discussions. This visit marked their second since imposing tariffs on Indian goods due to India's purchase of Russian crude oil.

Addressing concerns about whether India's Russian oil purchases affect bilateral relations, Goyal remarked, "I don't think that's an irritant. There could have been some misunderstandings, which have largely been resolved."

The two countries are working towards finalising the initial phase of their trade agreement. The recent visit by US officials underscores ongoing efforts to resolve outstanding issues and strengthen economic ties between India and the United States.

With inputs from PTI