India-US trade deal nears breakthrough, says Jaishankar amid ongoing negotiations
India and the United States appear to be moving closer to an understanding on their long-pending bilateral trade agreement, External Affairs Minister S. Jaishankar said on Wednesday, raising hopes of progress after more than 18 months of negotiations.
Speaking at the Bloomberg New Economy Forum, Jaishankar indicated that discussions between the two countries were continuing despite differences over outstanding issues.
His remarks come after Finance Minister Nirmala Sitharaman suggested earlier this month that the negotiations had reached a difficult stage, with both sides finding it challenging to make further concessions.
Jaishankar, however, said the talks were still advancing and that only a few matters remained to be resolved. He confirmed that India’s commerce and industry minister, the US Trade Representative (USTR) and other officials were continuing their engagement to move the agreement forward.
The minister also highlighted the complexities involved in negotiating with a major economy such as the United States. According to him, the discussions extend beyond the terms agreed between the two countries and also involve considerations about how India’s position compares with that of competing economies.
The fact that other countries are still negotiating their own trade arrangements with Washington adds another layer of uncertainty, he noted.
Jaishankar’s comments have revived optimism that the two sides could make progress towards a final agreement, although several issues remain unresolved.
The proposed trade deal is expected to be significant for businesses and exporters in both countries. Its eventual outcome will depend on the ability of the negotiating teams to bridge their remaining differences and settle the outstanding terms.