India-US Trade Deal Details Underway, Says EAM Jaishankar in Washington

The EAM's visit coincides with the agreement between two of the World's largest democracies on a trade deal. The Minister says that a detailed account of the negotiations is now underway. The two sides are expected to issue a joint statement on the exact tenets of the deal soon.

Speaking to ANI on the sidelines of the Critical Minerals meet in Washington DC EAM Jaishankar said, "It was not with me, because that is being handled by Commerce and Industries Minister Piyush Goyal (the negotiations on the trade deal). The Prime Minister and the US President had a conversation; some announcements came out of it. Thereafter, a detailing of the trade negotiations is underway as we speak."

The EAM further elaborated that Commerce Minister Piyush Goyal would detail the timelines on the formal announcement of the deal.

"It is hard for me to say, and the Commerce Minister would know it better, because he is in direct engagement with the US Trade Representative," he said.

Earlier, speaking in Parliament, Piyush Goyal highlighted that both countries have finalised several areas of a bilateral trade agreement following intensive negotiations.

Goyal informed the House that both sides will now work to complete technical processes and finalise paperwork to expeditiously unlock the potential of the deal. He described the framework as a landmark step in strengthening bilateral relations and advancing the vision of a developed India by 2047.

He added that the 18 per cent rate announced by US President Donald Trump is lower than tariffs imposed on several competing countries, which enhances India's export competitiveness.

In the statement delivered to the House, Goyal noted that the negotiating teams for both nations engaged over the last year to conclude a balanced and mutually beneficial agreement. He stated that the discussions aimed to safeguard critical and sensitive sectors in their respective economies.

The Minister emphasised that the interests of India's agriculture and dairy sectors remain protected under the new framework.

"The US side, too, had areas that were sensitive from its point of view. Following a nearly year-long discussion spread over many rounds, the two negotiating teams were able to narrow their differences significantly and finalise several areas of the bilateral trade agreement," Goyal said.

Meanwhile, in the US, the EAM also underlined the importance of the Critical Minerals ministerial meet that he was part of.

"It was a very good discussion. Critical minerals are a very important subject. The US has been partnering up for some years. Today, they launched a new initiative called FORGE, which we have supported. It's a kind of successor to the Mineral Security Partnership. Overall, to me, it was a good meeting, very productive, very outcome-oriented, and very businesslike, and that was the core reason I came," he said.

In his address to the minesterial Jaishankar said that "excessive concentration" in critical mineral supply chains poses a major global risk and called for structured international cooperation to "de-risk" them, as India deepens engagement with the US-led framework on strategic minerals.

- ANI