India-US Trade Deal "Very Near" But No Deadline, Says Commerce Secretary

"There are engagements going on, and negotiating teams are talking virtually on issues which are still pending. But we can't put a deadline. It's very near. That will happen as long as both sides are ready, they feel it is the right time to announce," he told reporters.

A team of US officials led by Ambassador to India, Sergio Gor, Deputy USTR, Rick Switzer, met Commerce Minister Piyush Goyal on December 10, 2025 and the Commerce Secretary Agrawal on December 11, 2025, at Vanijya Bhawan, to take forward the negotiations.

Agrwal also noted that India's exports to the US are "still holding on to a positive trend."

"It was still doing around USD 7 billion (monthly) despite high tariffs. We are focusing more on areas where tariffs are less, or in areas where tariffs are there, and industry has been showing resilience and holding on to the supply chains," he said.

There were apprehensions that India's exports to the US would with additional tariffs imposed by the US administration.

Talking about India's energy imports, Commerce Secretary said India has been buying from all traditional suppliers but largely Middle East.

"We are buying a lot of oil from US these days. Import from US is increased," he said.

Energy trade has been a bone of contention in the trade deal talks with the US, and the Trump administration wants more shipments to come to India. India imports over 80 per cent of its energy needs.

On the issue of any possible trade disruptions with Iran, the Commerce Secretary said India has a very limited trade.

"We are looking at that. We are awaiting details and as and when details are there, we will look into it," he said.

He also gave an update on the India-Canada trade talks. "We are engaged. There was a positive decision to start engaging on trade talks and see how we can restart our negotiations. Both sides are engaged in finalizing Terms of Reference (ToR) for mutually beneficial trade agreement," he said.

India is actively negotiating trade agreements with several countries, in a bid to expand trade and secure long-term growth opportunities.

The coming months are expected to be critical, when the outcomes of these negotiations could redefine India's role in the global trade architecture and shape its economic trajectory for the next decade.

India and the US were initially aiming to complete the first tranche of an India-US bilateral trade agreement by fall of 2025, but new developments in the US trade policy landscape, that include tariffs, have altered those plans.

The BTA, formally proposed in February following directives from the leadership of both nations, seeks to more than double bilateral trade, from the current USD 191 billion to USD 500 billion by 2030. Talks were first announced during Prime Minister Narendra Modi's visit to Washington in February 2025.

- ANI