Overview
- Negotiators have completed five rounds since March, with a virtual session on October 23 to advance a first-phase framework.
- The proposed agreement seeks to lift bilateral trade from about $191 billion to $500 billion by 2030.
- U.S. duties of a 25% tariff plus a 25% penalty tied to India's Russian oil purchases remain the main obstacle.
- Energy is central to the talks as India sources roughly 34% of its crude from Russia and about 10% of its oil and gas from the United States.
- Senior engagement has intensified, including September meetings in New Delhi led by USTR official Brendan Lynch and a U.S. visit by Commerce Minister Piyush Goyal with chief negotiator Rajesh Agrawal.