India’s External Affairs Minister S Jaishankar on Wednesday said that detailed negotiations on the India-US trade agreement are currently underway, following high-level conversations between Prime Minister Narendra Modi and US President Donald Trump. Speaking on the sidelines of the Critical Minerals Ministerial in Washington DC, Jaishankar clarified that the trade talks are being directly handled by Commerce and Industry Minister Piyush Goyal, with formal engagement ongoing with the US Trade Representative.
“It is hard for me to say [the timeline], and the Commerce Minister would know it better, because he is in direct engagement,” Jaishankar said, adding that a joint statement outlining the tenets of the agreement is expected soon.
Commerce Ministry Flags ‘Landmark’ Framework
Earlier, addressing Parliament, Goyal said India and the US have finalised several areas of a bilateral trade agreement after nearly a year of negotiations across multiple rounds. He noted that teams from both sides are now completing technical processes and paperwork to operationalise the deal.
Goyal described the framework as a landmark step in strengthening bilateral relations and advancing India’s long-term development goals. He also highlighted that the 18% tariff rate announced by the US is lower than levies imposed on several competing countries, enhancing India’s export competitiveness.
Importantly, Goyal stressed that sensitive sectors-including agriculture and dairy-remain protected, while acknowledging that both sides had areas of concern that were addressed through compromise.
Critical Minerals Take Centre Stage
Jaishankar’s US visit coincided with growing strategic alignment on critical minerals. At the ministerial hosted by US Secretary of State Marco Rubio, India backed the newly launched Forum on Resource, Geostrategic Engagement (FORGE), a successor to the Mineral Security Partnership.
Calling critical minerals a “very important subject,” Jaishankar warned that excessive concentration in global supply chains poses major risks and underlined the need for structured international cooperation to de-risk supplies. India, he said, is strengthening resilience through initiatives such as the National Critical Minerals Mission and Rare Earth Corridors.
During the visit, Jaishankar also held bilateral talks with Rubio and US Treasury Secretary Scott Bessent, reviewing progress across trade, energy, defence, technology and nuclear cooperation. Both sides reaffirmed their commitment to expanding cooperation through the Quadrilateral Security Dialogue, underscoring the breadth of the India-US strategic partnership as trade negotiations move closer to closure.
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