New Delhi
India and the US are in the final stages of detailing their trade deal which is expected to be completed “very soon” to open up a new phase in bilateral ties, external affairs minister S Jaishankar said on Thursday as he concluded a trip to Washington days after the two sides announced an agreement on reducing US tariffs on Indian goods.
Jaishankar, who was in the US for a critical minerals ministerial meeting and held talks with treasury secretary Scott Bessent and secretary of state Marco Rubio and discussed trade and economic cooperation, said the matter is being handled by commerce minister Piyush Goyal and that he didn’t have details regarding the timeframe for the trade deal.
“Concluded a productive and positive visit to the US…The historic India-US trade deal is in the final stages of detailing that 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 social media post.
“Our critical mineral cooperation is also advancing rapidly. Expect engagement on strategic issues, defence and energy in the coming days. Overall, a strong momentum is evident,” he said, pointing to a thaw in bilateral relations after months of unprecedented strain related to trade-related issues.
In New Delhi, external affairs ministry spokesperson Randhir Jaiswal told a weekly media briefing that the US side has clarified that the final figure for tariffs on Indian goods is 18%. He referred to statements from both sides after Prime Minister Narendra Modi’s phone conversation with US President Donald Trump on Monday and said that the PM had noted that Indian products will be exported to the US at the reduced tariff of 18%.
{{/usCountry}}In New Delhi, external affairs ministry spokesperson Randhir Jaiswal told a weekly media briefing that the US side has clarified that the final figure for tariffs on Indian goods is 18%. He referred to statements from both sides after Prime Minister Narendra Modi’s phone conversation with US President Donald Trump on Monday and said that the PM had noted that Indian products will be exported to the US at the reduced tariff of 18%.
{{/usCountry}}“This trade agreement, as we see it, will give a major boost to our exports to the US. It will be a major boost to the labour-intensive industries here in India, create new job opportunities, growth and prosperity for our people,” Jaiswal said.
People familiar with the matter said the reduced tariff of 18% will be applied once formalities are completed and the two sides give final shape to the deal, which will be the first tranche of a bilateral trade agreement.
During his meeting with Bessant, Jaishankar discussed ways to advance the bilateral economic partnership and strategic cooperation, while the talks with Rubio had focused on trade, energy, and cooperation in nuclear, defence, critical minerals and technology. The two sides also agreed on early meetings of various mechanisms to advance shared interests, Jaishankar said on social media.
The people cited above also said it was unlikely that Indian tariffs on US goods will go to zero, and the Indian side had ensured adequate safeguards in sensitive sectors such as agriculture and dairy.
The contacts between the two sides, including US ambassador Sergio Gor’s meetings in New Delhi, point to the two sides working to put relations in diverse sectors on an even keel to take forward the strategic partnership, the people said.