India’s Return to the Trade Game

Feb 18, 2026

Mark Linscott, a trade veteran who advised the U.S. government on South and Central Asia, breaks down India’s rapid return to deal-making. He discusses why India chose bilateral pacts over mega-regionals. He analyzes the geopolitics and slow economics of the EU agreement, the phased U.S. trade framework, supply-chain implications, and likely roadblocks like tariffs, standards, and ratification risks.

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INSIGHT

EU Deal: Geopolitics Over Fast Shock

The EU–India FTA has geopolitical weight but limited immediate economic shock.
Linscott argues it will slowly boost bilateral trade and resilience, not instantly reshape supply chains.

ADVICE

Use Deals To Strengthen Supply-Chain Trust

Use trade agreements to build supply-chain trust and dispute mechanisms for resilience.
Linscott emphasizes agreements provide sanctity and redress even if liberalization is gradual.

INSIGHT

EU Ratification Faces Political Hurdles

EU parliamentary scrutiny could delay ratification, especially on agriculture and omitted chapters.
Linscott highlights government procurement was dropped, which may raise questions in Brussels.

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After years of trade skepticism, India appears to be back in the deal-making business signing new agreements, reviving stalled talks, and announcing ambitious frameworks with key bilateral partners.

A few weeks ago, the European Union and India announced a mega-trade deal that was more than two decades in the works. And just days after this news broke, the White House announced that the United States had also reached an understanding with India on trade, an issue which had sapped relations between the two erstwhile partners over the past year.

To help make sense of what’s changed and what hasn’t Milan is joined on this show this week by Mark Linscott. Mark is a nonresident senior fellow on India at the Atlantic Council and a Senior Advisor with The Asia Group. He previously served as the assistant US trade representative for South and Central Asian Affairs from 2016 to 2018.

He has more than 30 years of experience working on trade and economic issues at the Commerce Department and USTR. It is my pleasure to welcome him to the show for the very first time.

Milan and Mark discuss India’s new external trade posture, the geopolitics and economics of the EU-India FTA, and the timing and substance of India’s trade deal with the United States. Plus, the two discuss India’s relative positioning vis-à-vis other Asian competitors and the possible roadblocks in the way of a larger U.S.-India accord.

Episode notes:

1. Ravi Dutta Mishra, “How India’s US deal tariff advantage over Bangladesh vanished overnight,” Indian Express, February 10, 2026.

2. Arvind Subramanian, “India may be about to become one of the world’s most open economies,” The Economist, February 5, 2026.

3. Michael Kugelman and Mark Linscott, “What to know about the US-India trade deal,” Atlantic Council “Dispatches” blog, February 2, 2026.

4. “Can the U.S. Salvage Its Relationship with India? (with Lisa Curtis),” Grand Tamasha, February 4, 2026.

5. Michael Kugelman and Mark Linscott, “The India–EU trade deal is worth watching, but not overhyping,” Atlantic Council “Dispatches” blog, January 27, 2026.