India and the US are close to concluding a trade agreement, with negotiations “largely complete” after five rounds of talks, Times of India reports, quoting Commerce Minister Piyush Goyal. The proposed deal aims to lower American tariffs on Indian exports and establish a “fair, equitable, and balanced” framework, Piyush Goyal said.

Where things stand now: The text of the agreement has nearly been finalized, an unnamed senior Indian government official told the daily, describing the pact as India’s “most comprehensive and WTO-compliant” trade agreement. Washington has yet to publicly respond.

IN CONTEXT- Indian exports to the US have been dented by 50% tariffs imposed by US President Donald Trump earlier this year. A trade pact should ease pressure on the Indian economy, bolstering labor-intensive manufacturing. The talks also align with New Delhi’s broader push to lock-in trade agreements with New Zealand, the EU, and the Gulf Cooperation Council, signalling efforts to deepen economic ties with key global partners.

MEANWHILE- Foreign Minister S Jaishankar met US Secretary of State Marco Rubio on the sidelines of the G7 Foreign Ministers’ Meeting in Canada, with talks centred on trade, supply chains as well as geopolitical flashpoints spanning Ukraine, the Middle East and the Indo-Pacific, per a post on X. The meeting is Washington signalling it is “close” to a new India-US trade pact, with President Donald Trump calling India one of America’s most important strategic partners, according to ANI.

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