India-US trade talks reach ‘plateau’, further concessions difficult: Sitharaman
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India and the US have reached a “plateau” in negotiations over their trade deal, with Finance Minister Nirmala Sitharaman saying it would be “very, very difficult” for either side to offer or seek further concessions at this stage.
Speaking at the Munich Security Conference, Sitharaman described the agreement under discussion as a “hard and rigorously negotiated” one. She also said the US was seeking to reduce its trade imbalance with India through measures beyond the ongoing negotiations.
“Beyond this plateau, giving or taking more for a trade deal will be very, very difficult for India and the US,” Sitharaman said.
India and the US have been negotiating a broader Bilateral Trade Agreement since February 2025, when Prime Minister Narendra Modi and US President Donald Trump agreed to launch talks during Modi’s visit to Washington. The two countries had set a target of more than doubling bilateral trade to $500 billion by 2030.
The negotiations have continued for more than a year, with both sides seeking to reach an interim agreement as a first step towards the broader pact. In February 2026, India and the US announced a framework for an interim trade agreement while indicating that further negotiations were required to complete the wider deal.
Talks continued through 2026, but the agreement has not been finalised. US Trade Representative Jamieson Greer said on October 1 that a trade deal was not imminent, although discussions were continuing.
The latest negotiations have focused on tariffs, market access and the broader trade imbalance. Commerce Minister Piyush Goyal was in the US from September 29 to October 5 for discussions on an interim agreement.