The development follows a sharp reversal from earlier this month when Finance Minister Nirmala Sitharaman warned on Oct. 5 that negotiations had hit a "plateau." At the time, Sitharaman noted that further concessions would be "very very difficult" for either side, as the use of tariffs had narrowed the room for a successful agreement.
Tuesday, October 20, 2026
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India Finalizes First Phase of US Trade Deal after October Impasse
Global Markets6 days ago
The Indian government has concluded the opening stage of a commerce agreement with the United States, bringing the two countries closer to a full bilateral deal. India's trade secretary stated on Oct. 15 that the sides are "very near to closing" the pact, with New Delhi currently seeking preferential market access and greater tariff stability to settle the remaining major issues.
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