India–US trade talks have reached a "plateau", Indian finance minister Sitharaman says

Negotiations on a trade agreement between India and the United States have reached a "plateau", India's Finance Minister Nirmala Sitharaman said on Monday, 5 October 2026, speaking at the Munich Leaders Meeting, according to the Deccan Chronicle.

Sitharaman said the talks are still under way, but that both sides may now find it very difficult to give or take more. "We'd like to believe that both sides have reached a plateau beyond which giving or taking might be very, very difficult," she said.

She also said tariffs have become "weaponised". In her view, tariffs used to be an instrument of negotiation within a defined framework, but are now being deployed without those traditional limits. According to the report, the United States wants to reduce its trade deficit with India.

Her remarks follow comments by US Trade Representative Jamieson Greer, who, after meeting Indian Commerce Minister Piyush Goyal at the G20 Trade Ministers' Meeting in Milwaukee, described the deal as being in "short strokes" but not imminent, the newspaper reported. Sitharaman also said a new bilateral investment treaty template, designed to fix shortcomings of India's 2016 model and give investors on both sides stronger protection, is ready for Cabinet approval.

What it means for Egyptian exporters

India is one of the largest apparel and home-textile suppliers to the United States, so the terms it secures in Washington directly shape competition for Egyptian exporters in the same market. A stall in the talks means there is no immediate change in India's position, giving Egyptian suppliers more time to build relationships with US buyers who are spreading their sourcing. It is still a negotiation to watch closely, as any eventual deal could quickly shift US buyers' cost comparisons between India and Egypt.