India-US trade deal operational soon! Other FTAs will follow, here’s what Union minister Goyal said
The minister further confirmed that other free trade agreements with the United Kingdom and Oman might also materialise in April.
Meanwhile, a similar pact with New Zealand is scheduled for implementation in September.To finalise the legal text of the interim trade agreement, officials from India and the US will meet for three days starting February 23.
The meeting follows months of negotiations between the two countries, resulting in the announcement of an interim trade deal.
During this period, the Trump administration had imposed a 50% tariff on Indian exports, including a 25% levy, citing India’s buy of Russian crude as indirectly supporting Moscow’s “war machine” against Ukraine.Under the deal, reciprocal tariffs on India have come down from 50% to 18%, while India has committed to lowering tariffs on US products.
Meanwhile, India also entered the US-Led Pax Silica on Friday.
Minister Piyush Goyal had earlier assured that the trade pact protects farmers and the agricultural sector.
Welcoming the trade framework, he highlighted the opportunities it offers for farmers, fishermen, and micro, small, and medium enterprises to access the $30 trillion US market.
He added that the formal agreement could be signed by March, after which India’s tariff reductions on US exports would come into effect.
