India and the United States are close to finalising a landmark trade agreement that External Affairs Minister S Jaishankar has called “historic”, with final details currently being ironed out and completion anticipated in the near future. The development was announced on Thursday (February 5) following a productive visit to Washington by Jaishankar, who engaged in discussions with US Secretary of State Marco Rubio and participated in the inaugural Critical Minerals Ministerial.
Reflecting on his trip through a social media post, Mr Jaishankar stated: “The historic India-US trade deal is in the final stages of detailing that will be completed very soon. It opens up a new phase in our bilateral ties, with vast possibilities for the relationship.” He noted that collaboration on critical minerals—essential materials such as lithium, cobalt and rare earths utilised in electric vehicles, semiconductors and clean energy technologies was “advancing rapidly”. Additional engagements on strategic matters, defence and energy are expected in the days ahead, with “strong momentum” visible across the board.
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These remarks come amid high-level talks as the US seeks to establish alternative global supply chains for critical minerals, diminishing dependence on major suppliers like China. The ministerial, convened by Mr Rubio, gathered representatives from numerous countries to encourage secure and diversified sourcing. India, given its considerable geological resources and growing industrial requirements, has become a vital partner in these efforts.
Jaishankar voiced backing for the US-initiated Forum on Resource Geostrategic Engagement (FORGE), which forms part of the developing critical minerals partnership framework. The anticipated trade deal is viewed as a significant move in bolstering economic ties between the world’s two largest democracies. Under the deal, US reduces tariffs on certain Indian to 18%, from previous 50%. Though exact details of the trade pact remain undisclosed pending finalisation, Jaishankar’s comments indicate optimism that the agreement could be unveiled soon, potentially by March, along with a joint statement.