India-US trade deal in 'last mile', Jaishankar cautions at NDTV Summit
Synopsis
External Affairs Minister S Jaishankar publicly confirmed the India-US trade deal is in its 'last mile' — but refused to reveal what is holding it up, saying 'it's never done till it's done.' With both sides signalling proximity to a deal, the pressure on negotiating teams to close the final gaps has rarely been higher.
Key Takeaways
EAM S Jaishankar said the India-US trade deal is in its 'last mile' at the NDTV World Summit on 22 October 2026 .
He cautioned that the deal is 'never done till it's done' and acknowledged unresolved last-mile challenges.
Both US Secretary of State Marco Rubio and Commerce Minister Piyush Goyal have separately confirmed the deal is in its final stages.
Rubio, in a recent meeting with Jaishankar, pushed for greater Indian purchase of US technologies , energy , and deeper defence and civil nuclear cooperation.
US Ambassador Sergio Gor described bilateral 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 has entered its 'last mile' but struck a firm note of caution, warning that nothing can be considered final until a formal agreement is concluded. He was speaking at the NDTV World Summit in New Delhi.
What Jaishankar Said
'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,' the minister told the session. He also acknowledged that the final stretch of any negotiation carries its own complexities: 'Often the last mile or the penultimate miles do pose their challenges. I think the [negotiating] teams are working through them now.'
When pressed by the audience to name the specific sticking points, Jaishankar declined. '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,' he said.
Broader Diplomatic Context
The remarks carry added weight given a recent high-level meeting between Jaishankar and US Secretary of State Marco Rubio. The US State Department said the two leaders discussed regional and global developments, including the situation in West Asia. Rubio also pushed for deeper bilateral engagement across defence, civil nuclear cooperation, and energy — specifically urging greater Indian purchase of US technologies and systems.
The department noted 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.' US Ambassador to India Sergio Gor, who attended the meeting, described the discussions as 'productive', with focus on defence, energy, emerging technologies, and trade.
Why the Deal Matters
The India-US trade agreement has been under negotiation for several years and is widely regarded as a cornerstone of the two countries' broader strategic and economic partnership. Both Commerce Minister Piyush Goyal and Secretary Rubio have separately signalled that the deal is nearing its conclusion — a rare convergence of public messaging from both sides that has fuelled expectations of an imminent announcement.
This comes amid a broader push by both governments to deepen ties across supply chains, defence, and clean energy — areas that together form what officials have described as a 'comprehensive and balanced' bilateral framework.
What Comes Next
Negotiating teams from both countries are reportedly working through the remaining unresolved issues. Given that senior political figures on both sides have publicly confirmed proximity to a deal, the pressure on negotiators to close outstanding gaps has intensified. Any formal signing, however, remains contingent on teams resolving what Jaishankar termed the 'last-mile' challenges — the nature of which he declined to disclose publicly.
Point of View
Vague enough to preserve negotiating room. The refusal to name outstanding issues is standard diplomatic practice, but it also masks what could be genuinely difficult gaps: tariffs, digital trade rules, agriculture market access, and data localisation have all historically complicated India-US negotiations. The convergence of messaging from Rubio, Goyal, and Jaishankar is rare and signals genuine intent — but 'last miles' in trade deals have a habit of stretching. The broader framing of energy, defence, and technology cooperation alongside trade suggests Washington is bundling commercial concessions with strategic asks, which could complicate a clean signing.
NationPress
22 Oct 2026
Frequently Asked Questions
What did Jaishankar say about the India-US trade deal?
External Affairs Minister S Jaishankar said on 22 October 2026 that the India-US trade deal is in its 'last mile' but cautioned that 'it's never done till it's done.' He acknowledged that the final stages of negotiation carry their own challenges but declined to specify what issues remain unresolved.
Who else has confirmed the India-US trade deal is near conclusion?
Both US Secretary of State Marco Rubio and Commerce Minister Piyush Goyal have separately indicated that the agreement is in its final stages, according to Jaishankar's remarks at the NDTV World Summit.
What other issues were discussed between Jaishankar and Rubio?
Beyond trade, Jaishankar and Rubio discussed regional and global developments including West Asia. Rubio pushed for increased US energy exports to India, greater Indian purchase of US technologies and systems, and commended progress in bilateral defence and civil nuclear cooperation.
Why is the India-US trade deal significant?
The deal has been under negotiation for several years and is seen as a major milestone in deepening economic and strategic ties between the two countries. It is expected to cover trade in goods, supply chains, energy, and technology, and forms part of a broader bilateral framework that includes defence and digital cooperation.
When will the India-US trade deal be formally signed?
No signing date has been announced. Jaishankar said negotiating teams are working through remaining challenges, and a formal conclusion depends on resolving those last-mile issues. Both sides have publicly indicated proximity to a deal, but no timeline has been confirmed.
