Commerce Secretary: India, US close to a framework deal, won't give a timeline

Stating that India and the US are close to a framework deal to address the issue of tariffs, Commerce Secretary Rajesh Agrawal refused to ascribe a timeline. While the Commerce Ministry said that that Internal timelines are kept for momentum in the talks underway, it indicated that a deadline can't be set as FTAs are win-win propositions.

Describing that recent visit by the deputy US Trade Representative as a way to familiarise him with the current stage of talks, the Ministry said that stock-taking meetings were held after six rounds of discussions had already been held on a full-fledged Bilateral Trade Agreement (BTA); adding that discussions included talks for an interim deal to address the issue of reciprocal tariffs.

Highlighting that no more formal rounds are held when few areas are left to be decided in FTA talks, like the talks with New Zealand, the Commerce Ministry pointed out that the last stages of discussions between India and the US will involve decisions at the level of the Commerce Secretary and the respective ministers. The Ministry highlighted that despite 50% tariffs imposed by the United States on imports from India, there has a rise of 11.38% in merchandise exports to the US in the period from April to November 2025, while there has been a rise of $1.3 billion in exports to the US in November 2025 compared to November 2024.

Stating that India's rice export to the US isn't under the anti-dumping scanner, the Commerce Ministry highlighted that 80% of the exports are GI-tagged basmati rice with a price higher than that of other sellers, adding that no anti-dumping probe against Indian rice exports has been initiated by the US.