ECONOMY
India, US trade talks have reached a plateau, tough for give and take now: Sitharaman
- IBJ Bureau
- Oct 06, 2026
India and the US have reached a “plateau” in their trade deal negotiations, Finance Minister Nirmala Sitharaman said at the Munich Security Conference on Monday.
The finance minister added that it would be “very, very difficult” for either side to give or take more at this stage.
Ms Sitharaman described the agreement under discussion as a “hard and rigorously negotiated” one.
She also said that 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,” Ms Sitharaman said.
She added that she would “like to believe” that India and the US have reached a plateau in the trade deal talks.
India and the US have been negotiating a broader Bilateral Trade Agreement (BTA) since February 2025, when Prime Minister Narendra Modi and US President Donald Trump had agreed to launch negotiations during Mr Modi’s visit to Washington.
The two sides 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 working towards an interim agreement as a first step towards the wider BTA.
In February 2026, India and the US had announced a framework for an interim trade agreement, while making it clear that further negotiations were needed to complete the broader pact.
Talks have continued through 2026, but the two countries have not yet finalised the agreement.
US Trade Representative Jamieson Greer said on October 1 that a trade deal was not imminent, although discussions were continuing.
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