NEW DELHI, October 16, 2026 – Expressing optimism about the future of bilateral economic ties, Union Finance Minister Nirmala Sitharaman on Friday stated that she expects the much-anticipated India-US trade agreement to be concluded at the earliest. The pact, she emphasized, is vital not only for the two partner nations but also for the broader stability of global trade.
“I think recently the Indian Commerce Minister has also spoken that they expect and wish to have the agreement signed soon. Negotiations have been going on. I hope, in the interest of global trade and in the interest of trade between the two partners, India and US, the trade agreement gets concluded at the earliest,” Sitharaman said. Her remarks align with recent statements by Commerce and Industry Minister Piyush Goyal, who confirmed that the first phase of the pact has been finalized and is currently undergoing legal drafting.
The Finance Minister made these statements during an interaction with the Atlantic Council on the sidelines of the IMF-World Bank annual meetings in Bangkok, Thailand.
During the session, Sitharaman also addressed India’s persistent trade challenges with China. Despite years of active engagement with Beijing, she noted that the growing trade imbalance and stringent restrictions on market access for Indian products—such as generic medicines, bovine meat, vegetables, and other perishable goods—remain major concerns. “Non-tariff barriers are the biggest hurdle in the trade between India and China,” she explained, pointing out that Beijing frequently uses phytosanitary measures as non-tariff restrictions.
However, Sitharaman clarified that India prefers pursuing negotiations to correct these imbalances rather than adopting punitive tariffs against its trading partners.
On the subject of the BRICS grouping, the Finance Minister reiterated that the coalition should be viewed as a cooperative partnership aimed at improving the welfare of its people, rather than a geopolitical platform designed to counter any specific country or bloc. She highlighted that with its recent expansion, the 11 to 12 actively engaging member nations now account for nearly 40 percent of the world’s population and around 45 percent of global trade.
Touching upon India’s domestic economic performance, Sitharaman attributed the country’s status as the world’s fastest-growing major economy to fiscal prudence, inclusive growth, and a strategic focus on public capital expenditure. She argued that debt-financed asset creation, particularly in infrastructure, has generated a strong multiplier effect, creating jobs and supporting economic activity without placing undue pressure on the fiscal deficit.
Published by True Roots Media Network