US Ambassador to India Sergio Gor on Thursday said the proposed India-US bilateral trade deal was close to finalisation, with negotiations progressing at an “incredible pace” and the major issues resolved.
“We are very close to landing it,” Gor said during an interactive session at the Bloomberg New Economy Forum, echoing External Affairs Minister S Jaishankar’s assessment of the negotiations.
“Big items are done,” he said, adding that he was confident the two sides would conclude the agreement. However, he refrained from sharing details, saying the ministers would make the announcement.
Gor described the negotiations as unusually swift, noting that the two countries had been working on the agreement for about a year-and-a-half.
He contrasted this with the India-European Union free trade agreement, which took nearly 20 years to negotiate before being concluded in January.
The envoy acknowledged that some smaller issues remained to be resolved, citing the complexity of negotiating a deal with a country of India's size and population. New technologies and emerging issues could also require further discussions, he said, while reiterating that the broad framework and major elements were in place.
Jaishankar had earlier said that India and the US were working to resolve differences and moving towards a “landing point” on the proposed agreement. India has maintained that the negotiations are aimed at securing a mutually beneficial deal.
Gor’s remarks come ahead of US Secretary of State Marco Rubio’s scheduled visit to India.
Sanctions on Russian oil
Asked whether India could receive sanctions relief or exemptions under the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, Gor said the decision rested with US President Donald Trump.
The legislation authorises Trump to impose tariffs of up to 100 per cent on countries purchasing Russian oil and gas, including India and China.
Gor said Trump had not imposed sanctions on any country under the law so far and was required to make a determination within the next 10 days or so. He expressed confidence that the White House would make an announcement soon.
Foreign Secretary Vikram Misri had conveyed India's concerns over the implications of the legislation for bilateral ties and the international energy market during a meeting with a bipartisan US congressional delegation in New Delhi.
Focus on broader economic ties
Gor described the proposed trade agreement as a complex exercise, with US Trade Representative Jamieson Greer and Commerce and Industry Minister Piyush Goyal engaged in discussions covering even smaller details.
He highlighted the potential for greater cooperation across sectors, including defence, information technology, semiconductor manufacturing and data centres.
Pointing to investments by American companies such as Google, Microsoft, Adobe and Micron in India, Gor said economic cooperation between the two countries offered benefits to both sides.
“When a job is created in India, a counter job is created in the US,” he said, describing the relationship as a “win-win situation”.
Gor also praised India's market potential and its openness to foreign investment, saying the country offered significant opportunities for American businesses.
He further referred to a US Supreme Court ruling on the International Emergency Economic Powers Act (IEEPA), saying the administration had to rework some measures following the ruling. He cited this as one of the complexities surrounding the proposed trade agreement.
(With inputs from PTI)