India and the United States are “very, very close” to finalising a long-anticipated trade agreement, with only a final obstacle remaining, US Deputy Secretary of State Christopher Landau said on Tuesday. He made the remarks while addressing reporters on the sidelines of the SelectUSA Investment Summit held at National Harbour, Maryland, near Washington, D.C.
Landau said both countries now need to overcome “that last hurdle” before formally signing the deal, stressing the importance of bringing the negotiations to a conclusion. He noted that discussions have been ongoing for several months and that it is necessary for both sides to “reach some closure” so they can move forward to other priorities on their shared agenda.
Emphasising India’s global standing, Landau described the country as “one of the great powers of the world” and highlighted its economic potential. He said India’s large population and growing economic influence position it for significant development, adding that there is scope for lifting “many hundreds of millions of people out of poverty” through sustained growth.
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He further pointed out that negotiations between the two sides have been ongoing for months, reflecting repeated engagement at multiple levels. Landau also referenced his recent visit to India, underscoring continued diplomatic and economic dialogue as both governments work toward finalising the agreement.
The trade talks gained formal structure earlier this year, when India and the US announced a framework for a bilateral trade agreement on February 2, followed by the release of its text on February 7. Since then, Indian negotiators have travelled to the US for further discussions aimed at refining the pact and addressing outstanding issues.
The proposed agreement includes India seeking greater access to US markets, alongside a broader goal of achieving bilateral trade worth USD 500 billion by 2030. As part of the framework, the US had agreed to reduce tariffs on Indian goods to 18 per cent from 50 per cent, including adjustments related to tariffs imposed over Russian oil purchases, signalling a major step toward deeper economic cooperation between the two countries.
Also Read: India, US Begin Detailed Negotiations On Tariffs, Market Access In Trade Deal