Overview
- Commerce Secretary Rajesh Agrawal said the tariff-focused opening tranche is "near closure" after months of virtual talks.
- The package is designed to address the 25% reciprocal duty plus the additional 25% penalty tied to Russian oil purchases that together total 50%.
- Six rounds of negotiations have been completed, including Oct. 15–17 meetings in Washington, and India is awaiting a U.S. response to its latest proposal.
- Officials describe the agreement as highly detailed and aligned with WTO norms, with sensitive sectors such as agriculture and dairy deferred to later phases.
- Separately, state-run firms finalized a one-year contract to import about 2.2 MTPA of LPG from the U.S. Gulf Coast for 2026, a deal presented as outside the trade pact but supportive of balancing flows.