Overview
- Indian officials report the opening package of the Bilateral Trade Agreement is near closure, focused on resolving reciprocal duties and the additional oil-linked levy.
- The first tranche targets the combined 50% US tariff on Indian exports, including a 25% penalty tied to purchases of Russian crude.
- Commerce Minister Piyush Goyal signals "good news" only when terms are fair, equitable and balanced, with safeguards for livelihoods-sensitive sectors.
- Negotiators outline a two-part pact with tariff fixes first and a longer second phase on market access and regulatory issues; six rounds since March culminated in talks in Washington on October 15–17.
- A structured LPG import deal of about 2.2 million tonnes for 2026 is proceeding separately to help rebalance trade, as US economic adviser Kevin Hassett says the agreement is very close.