Nirmala Sitharaman said the US–India trade talks had hit a plateau, a point where neither side is likely to budge.
She added that while negotiations are still active, any breakthrough would hinge on finding new room to negotiate.
India’s trade surplus with the United States fuels the US push to curb a long‑standing imbalance, a fact she highlighted.
Sitharaman noted a shift in negotiation tactics, moving beyond tariffs to address broader imbalances, and underscored the need for bilateral flexibility.
The EU–India pact, where India opened 92.5% of tariff lines and 97% of value, and the EU reciprocated with 99% of value and 97% of lines, could boost micro‑ and small‑enterprise exports and create jobs.
The Munich Leaders Meeting, bringing about 100 senior decision makers, will keep the dialogue alive, setting the stage for future moves.