On 28 November 2025, Commerce Secretary Rajesh Agrawal said India is close to finalising a framework trade deal with the US. The pact aims to resolve reciprocal tariffs and Russian-oil-linked duties imposed in August, making it meaningful for Indian exporters.

BulletsIn

•  India hopes to close framework trade deal with US by year-end
•  Deal must resolve both 25% reciprocal tariff and 25% Russia-oil-linked duty
•  Most issues ironed out; final decision needs political approval
•  Framework pact separate from full Bilateral Trade Agreement (BTA)
•  BTA talks slower; framework intended to ease 50% tariff burden
•  India firm on its sensitivities and non-negotiables
•  EU talks in “last lap”; target completion by January 2026
•  India in trade discussions with nearly 50 countries
• GCC interest rising; Oman talks nearly done
•  Despite tariffs, India’s exports to US rose by $10 billion this year