Goyal confirms timeline for India-US pact
India and the United States are close to sealing a trade agreement, with negotiations now in their final stage and remaining details expected to be wrapped up very soon, External Affairs Minister S Jaishankar said on Thursday after extensive talks with US Secretary of State Marco Rubio in Washington DC.
Describing the proposed pact as a turning point, Jaishankar said the agreement would mark the beginning of a new phase in India-US relations, opening up significant opportunities across trade, strategic cooperation, defence and energy. “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,” he said.
Jaishankar, who was in Washington to attend a US-led ministerial meeting on critical minerals, said cooperation in this sector was also progressing rapidly. “Our critical mineral cooperation is advancing fast. Engagement on strategic issues, defence and energy can be expected in the coming days. Overall, there is strong momentum,” he said. Meanwhile, Commerce Minister Piyush Goyal reiterated that India and the US will formally sign the first tranche of the trade agreement by mid-March and would release a joint statement in the next four to five days. “Following the joint statement, the US tariffs will come down to 18 per cent via a White House executive order,” Goyal said.
India-US relations had come under considerable strain after Washington sharply raised tariffs on Indian exports, including an additional levy linked to India’s purchase of Russian crude oil. Differences were further compounded by issues ranging from immigration policies to Trump’s public claims about mediating the India-Pakistan conflict last year.
Following his call with Modi, Trump also claimed that India had agreed to stop buying Russian oil and increase purchases from the US and Venezuela. However, New Delhi has not confirmed any such commitment.
Responding to these remarks, External Affairs Ministry spokesperson Randhir Jaiswal reiterated that India’s energy decisions are guided solely by national interest. “Ensuring the energy security of 1.4 billion Indians is the supreme priority of the Government. Diversifying energy sourcing in line with objective market conditions and evolving international dynamics remains central to our strategy,” he said.
