US Ambassador Says Major Items of India Trade Deal Are Settled

US Ambassador to India Sergio Gor said on 15 October 2026 that the major elements of a bilateral trade agreement have been resolved and that both sides are close to concluding the pact.

Speaking at the Bloomberg New Economy Forum in New Delhi, Gor stated: "The big picture, the big framework, the big items are done." He added that negotiations are moving at an "incredible pace" and that he is confident the deal will be finished. External Affairs Minister S Jaishankar had used similar language earlier in the week, saying the two sides were heading toward a landing point.

Talks have lasted roughly 18 months. An earlier framework was affected by a US Supreme Court ruling that struck down part of the reciprocal-tariff authority. The administration has been rewriting those provisions. Gor noted that an interim understanding was announced within weeks of his arrival, contrasting the timeline with the India-EU free-trade agreement, which took nearly 20 years.

Bilateral goods and services trade already exceeds $250 billion. Officials on both sides have spoken of a longer-term goal near $500 billion. Remaining issues are described as smaller technical points and new questions that arise as technology and product lists are refined.

A separate uncertainty is US legislation that allows tariffs of up to 100 percent on countries buying Russian oil and gas. Gor said President Trump is expected to decide within about ten days whether to apply that authority to India. He framed the measure as pressure to end the war rather than as punishment of any particular buyer.

Commerce Minister Piyush Goyal has indicated that the first tranche of the agreement is in legal drafting. Gor has participated in rounds involving US Trade Representative Jamieson Greer and Indian officials, reaching the level of specific tariff lines.

The ambassador also highlighted defence cooperation, including joint exercises and possible future sales. He noted growing US investment interest across technology, pharmaceuticals and energy. Secretary of State Marco Rubio is expected to visit India in the coming weeks, which could provide an opportunity for further progress.

India has already concluded a trade agreement with the European Union this year. The US talks are the remaining large bilateral negotiation. Both governments have described the partnership as strategic; the trade deal is the principal economic deliverable still outstanding.

No announcement date has been set. Gor and Jaishankar both indicated that the remaining work is limited. Markets and exporters on both sides are watching for the final text and for any decision on the Russian-oil tariff authority.