India and the United States have reached a difficult stage in their ongoing trade negotiations, with Finance Minister Nirmala Sitharaman describing the talks as having reached a “plateau”.
Speaking at the Munich Security Conference, Sitharaman said further concessions from either side would be difficult at this stage. She described the proposed agreement as the result of tough and detailed negotiations.
The two countries have been working on a broader Bilateral Trade Agreement (BTA) since February 2025, with an aim to expand bilateral trade to $500 billion by 2030. An interim agreement framework was announced in February 2026, but negotiations on the wider pact have continued.
US Trade Representative Jamieson Greer said on October 1 that a deal was not imminent, although discussions were still underway.
The latest talks have focused on tariffs, market access and the trade imbalance between the two countries. Commerce Minister Piyush Goyal was in the US from September 29 to October 5 for discussions on the interim agreement.
Sitharaman also indicated that Washington may explore measures outside the formal negotiations to address its trade imbalance with India.