India-US trade talks have reached a plateau, says FM Nirmala Sitharaman

India and the US have reached a “plateau” in their trade deal negotiations, Finance Minister Nirmala Sitharaman said at the Munich Security Conference, adding that it would be “very very difficult” for either side to give or take more at this stage.Sitharaman described the agreement under discussion as a “hard and rigorously negotiated” one. She also said the US is seeking to reduce its trade imbalance with India through measures beyond the ongoing negotiations.“Beyond this plateau, giving or taking more for a trade deal will be very very difficult for India and the US,” Sitharaman said.She added that she would “like to believe” that India and the US have reached a plateau in the trade deal talks. WHERE INDIA-US TRADE TALKS STANDIndia and the US have been negotiating a broader Bilateral Trade Agreement (BTA) since February 2025, when Prime Minister Narendra Modi and US President Donald Trump agreed to launch negotiations during Modi's visit to Washington. The two sides had set a target of more than doubling bilateral trade to $500 billion by 2030.The negotiations have continued for more than a year, with both sides working towards an interim agreement as a first step towards the wider BTA. In February 2026, India and the US announced a framework for an interim trade agreement, while making it clear that further negotiations were needed to complete the broader pact. Talks have continued through 2026, but the two countries have not yet finalised the agreement. US Trade Representative Jamieson Greer said on October 1 that a trade deal was not imminent, although discussions were continuing.The latest round of negotiations comes as both sides remain focused on tariffs, market access and the broader trade imbalance. Indian Commerce Minister Piyush Goyal was in the US from September 29 to October 5 for discussions on an interim trade agreement.Sitharaman's comments suggest that the negotiations have reached a stage where further concessions from either side could prove difficult, even as Washington looks at ways beyond the formal talks to address its trade imbalance with India.- Ends