India and the United States have concluded most discussions on a proposed India-US trade pact and are fine-tuning the agreement, Indian Commerce and Industry Minister Piyush Goyal said on October 26, 2026. The pact has not yet been finalized.
India-US trade pact talks near completion
Goyal made the comments at the India-Netherlands Business Forum in The Hague. He did not announce a date for completing the agreement.
His remarks followed comments from US Secretary of State Marco Rubio, who said a small number of items remained to be settled and expressed hope that the pact would be finalized shortly.
Tariff changes since the February framework
Under a framework announced in February for the first phase of a bilateral trade agreement, the US agreed to remove a 25% penalty on Indian goods linked to India’s purchases of Russian oil and reduced the reciprocal tariff rate to 18%.
On February 20, the US Supreme Court invalidated US reciprocal tariffs imposed under the International Emergency Economic Powers Act. Washington subsequently levied an additional 10% duty on Indian goods under a Section 301 investigation into alleged forced labor concerns. The duty also applies to 16 other countries.
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