Describing the deal as “historic”, the EAM said it signals the beginning of a new phase in India–US relations, opening up “vast possibilities” across trade, investment and strategic cooperation.
“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 after a meeting with US Secretary of State Marco Rubio.
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Jaishankar was speaking after meeting the US Secretary of State on the sidelines of the inaugural Critical Minerals Ministerial in Washington. He also met US Treasury Secretary Scott Bessent.
Union Commerce and Industry Minister Piyush Goyal earlier echoed the EAM’s comments.
He noted that the first tranche of the bilateral trade agreement is nearly ready, with a joint statement expected shortly, after which the formal agreement would take around 30 to 40 days to be finalised. That framework, according to Goyal, would pave the way for tariff reductions by the US.“We want to get the agreement as fast as we can, because we can get more concessions after that,” the union minister had said.
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Once the joint statement is signed, the US is expected to reduce tariffs on Indian goods from the current 25% reciprocal tarrifs and another 25% additional tarrifs to 18% through an executive order, as announced by President Trump earlier this week.
Meanwhile, Commerce Secretary Rajesh Agrawal has said the statement would subsequently be converted into a legally binding agreement before tariff changes could take effect, noting that while US tariffs are executive in nature, India’s tariff reductions require legal backing under the MFN framework.