 "Majority of Indian exports to the US have been hit by tariffs. Reuters")
White House economic adviser Kevin Hassett has signalled that the United States and India are nearing completion of a long-discussed trade agreement, injecting renewed optimism after months of complex negotiations.
In an interview with CNBC, Hassett said a trade and tariff pact between the two countries is “close to the finish line,” stressing the strong relationship between Washington and New Delhi. “We are good friends and we are hoping we can work it out soon,” he noted, while acknowledging the difficulties involved.
Hassett said the talks had become “pretty complicated” in part because of India’s engagements with Russia, pointing out that several factors are influencing the discussions. Despite these hurdles, he said he remained hopeful about sealing the agreement.
His remarks follow President Donald Trump’s recent statement that the US was getting “pretty close” to a deal with India, adding that he planned “at some point” to reduce tariff rates on Indian goods.
The positive signals come amid sustained high-level contact between the two governments. India’s Commerce Ministry has also said that negotiations are progressing, with both sides working to settle issues related to reciprocal tariffs and market access.
Prime Minister Narendra Modi and President Trump have jointly set a target of boosting bilateral trade to $500 billion by 2030, underscoring the growing strategic and economic importance of the partnership.
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View AllIn September, Union Minister of Commerce and Industry Piyush Goyal said that trade negotiations with the US are still underway, but emphasised that India is also simultaneously engaging with several other countries.
Speaking at the valedictory session of the UP International Trade Show, Goyal highlighted ongoing discussions with the European Union, New Zealand, Oman, Peru, and Chile.
“Our trade talks with the US are ongoing. We are also in discussions with the EU, New Zealand, Oman, Peru and Chile. Ministers from Qatar and Bahrain had recently visited and expressed interest in entering into a Free Trade Agreement with India. The Terms of Reference with Eurasia have been finalised. This reflects the interest many countries, including developed nations, have in India,” said Goyal.