S Jaishankar Confirms India-US Trade Deal Nearing Finalization
External Affairs Minister S Jaishankar announces that the India-US trade agreement is in its final stages, emphasizing ongoing negotiations.
Jaishankar states the India-US trade deal is in its 'last mile'.
US Secretary of State Marco Rubio also confirms progress on the deal.
Negotiations have faced challenges, but both sides are optimistic about finalizing the agreement.
During the NDTV World Summit in New Delhi, External Affairs Minister S. Jaishankar indicated that the India-US trade deal is nearing completion, describing it as being in its 'last mile'. He emphasized the importance of patience, stating, 'It's never done till it's done.' Jaishankar's remarks came as he highlighted the collaborative discussions with US Secretary of State Marco Rubio and India's Commerce Minister Piyush Goyal, who have both acknowledged the deal's advanced status.
The ongoing negotiations have been marked by complexities, particularly in the final stages. Jaishankar noted that while the negotiating teams are diligently working through the remaining challenges, he refrained from disclosing specific issues, leaving those details to the negotiators. This cautious approach reflects the sensitive nature of international trade discussions, where transparency can sometimes hinder progress.
In recent meetings, Jaishankar and Rubio have engaged in extensive talks, with Rubio visiting India for the second time in five months. The discussions have taken place against a backdrop of strained bilateral relations, primarily due to the US's fluctuating trade policies and stricter immigration regulations. Both officials expressed optimism about the trade deal, with Rubio stating that they are 'about as close as you can be without having an executed agreement'.
The implications of this trade deal are significant for both nations. It aims to enhance market access and resolve long-standing disputes over tariffs and regulatory barriers. The US State Department has highlighted the potential for increased energy trade to diversify India's supply chains, which is crucial given India's growing consumer demand. Additionally, the deal is expected to strengthen defense and technology cooperation between the two countries.
Looking ahead, both Jaishankar and Rubio are hopeful for a swift resolution to the remaining issues, with expectations of an announcement regarding the trade deal in the near future. The successful finalization of this agreement could mark a pivotal moment in India-US relations, fostering deeper economic ties and collaboration in various sectors.
