India-US trade deal in 'last mile', cautions EAM Jaishankar
Synopsis
EAM Jaishankar's 'never done till it's done' caveat at the NDTV World Summit is the most revealing signal yet on the India-US trade deal — confirming it is close but refusing to call it. With Rubio and Piyush Goyal echoing similar optimism, the deal is tantalizingly near, yet the minister's pointed refusal to name the remaining sticking points suggests the final stretch may still hold surprises.
Key Takeaways
EAM S Jaishankar declared the India-US trade deal is in its 'last mile' at the NDTV World Summit on 22 October 2026 .
He cautioned: 'It's never done till it's done,' flagging that final-stage negotiations carry their own challenges.
Both US Secretary of State Marco Rubio and Commerce Minister Piyush Goyal have also indicated the agreement is in its final stages.
Jaishankar declined to specify the unresolved issues, saying they are 'for the negotiators to sort out.' At a recent bilateral meeting, Rubio commended progress in defence and civil nuclear cooperation and pushed for greater Indian purchase of US technologies .
US Ambassador Sergio Gor described the Jaishankar-Rubio discussions as 'productive,' covering defence, energy, emerging technologies, and trade.
External Affairs Minister S Jaishankar on Thursday, 22 October 2026, said the proposed India-US trade deal is in its 'last mile' but issued a clear note of caution, stressing that nothing is final until the agreement is formally concluded. His remarks came during a session at the NDTV World Summit in New Delhi, where he addressed the state of bilateral economic and diplomatic ties between India and the United States.
What Jaishankar Said
The minister confirmed that signals from both sides point toward imminent closure. 'What you've heard not just from Secretary Rubio, but from Minister Piyush Goyal, from others, from me, is that we are moving towards it,' he said, referencing US Secretary of State Marco Rubio and Commerce Minister Piyush Goyal as having independently indicated the deal is in its final stages.
However, Jaishankar tempered expectations with a pointed caveat: 'Well, look, it's never done till it's done.' He acknowledged that the closing stretch of trade negotiations typically carries its own complications. 'Often the last mile or the penultimate miles do pose their challenges. I think the [negotiating] teams are working through them now,' he said. When pressed to name the specific sticking points, he declined, saying: 'If you're asking me to tell you what exactly those challenges are, I'm sorry I won't. That's for the negotiators to sort out.'
Context: A Long-Pending Agreement
The India-US trade deal has been under negotiation for several years and is widely regarded as a landmark step in deepening economic ties between New Delhi and Washington. The discussions have covered a range of sensitive areas including market access, tariffs, digital trade, and intellectual property. Progress has been fitful, with several deadlines missed and rounds of talks concluded without a final text.
Jaishankar's remarks carry added weight given they follow a recent bilateral meeting between him and Secretary Rubio. According to the US State Department, the two leaders discussed regional and global issues, including developments in West Asia. The department noted that Rubio 'reiterated that increased energy trade with the United States can play a transformative role in diversifying India's supply chains while meeting its sizable consumer demand.'
Defence, Energy and Technology in Focus
Beyond the trade deal itself, the broader India-US partnership appears to be gaining momentum across multiple fronts. Rubio reportedly commended progress in bilateral defence and civil nuclear cooperation and advocated for greater Indian purchase of US technologies and systems.
US Ambassador to India Sergio Gor, who was present at the Jaishankar-Rubio meeting, described the discussions as 'productive' and said they focused on deepening cooperation across defence, energy, emerging technologies, and trade. His characterisation suggests both sides are keen to project a positive trajectory even as the trade deal's final contours remain unresolved.
What Happens Next
With negotiating teams actively working through the remaining challenges, attention will now shift to whether a formal agreement can be announced in the near term. Any concluded deal would mark a significant inflection point in India-US economic relations, with implications for sectors ranging from pharmaceuticals and agriculture to digital services and manufacturing. The question of timelines, however, remains open — as Jaishankar himself underscored.
Point of View
Guarded enough to manage expectations. The refusal to name sticking points is standard diplomatic tradecraft, but it also means the public has no way to assess whether the gap is bridgeable in days or months. Notably, the deal has been described as 'close' or 'imminent' in previous cycles too, only to stall. The energy trade push from Rubio's side, combined with defence and civil nuclear commendations, suggests Washington sees the commercial relationship as a package — and India's leverage on any single element depends on how it plays the others. The real test will be whether the two sides can lock in a framework before the political calendar on either end narrows the window.
NationPress
22 Oct 2026
Frequently Asked Questions
What did EAM Jaishankar say about the India-US trade deal?
Jaishankar said the India-US trade deal is in its 'last mile' but cautioned that 'it's never done till it's done,' speaking at the NDTV World Summit in New Delhi on 22 October 2026. He confirmed that negotiating teams are actively working through the remaining challenges.
Why is the India-US trade deal taking so long?
The deal has been under negotiation for several years, with talks covering market access, tariffs, digital trade, and intellectual property — areas where both sides have significant sensitivities. Jaishankar acknowledged that the final stages of trade negotiations typically pose their own challenges, though he declined to name the specific unresolved issues.
Who else has said the India-US trade deal is near conclusion?
Both US Secretary of State Marco Rubio and India's Commerce Minister Piyush Goyal have independently indicated that the agreement is in its final stages, corroborating Jaishankar's assessment at the NDTV World Summit.
What other issues were discussed between Jaishankar and Secretary Rubio?
Beyond the trade deal, the two leaders discussed regional and global issues including developments in West Asia. Rubio also commended progress in bilateral defence and civil nuclear cooperation and advocated for greater Indian purchase of US technologies and systems.
What is the significance of the India-US trade deal?
A concluded India-US trade deal would mark a significant milestone in bilateral economic ties, with potential impact on sectors including pharmaceuticals, agriculture, digital services, and manufacturing. It would also reinforce the broader strategic partnership that both countries have been deepening across defence, energy, and emerging technologies.
