New Delhi is gearing up for a major boost in bilateral trade as the interim trade agreement with the United States edges closer to reality. Commerce and Industry Minister Piyush Goyal announced on Friday that the deal could be signed as early as March, with implementation targeted for April.
Talks are intensifying, with Indian and American officials scheduled to finalize the legal text starting February 23. This follows a joint statement earlier this month slashing tariffs on Indian exports to the US from 50% to 18%, opening doors for smoother market access.
Minister Goyal highlighted parallel progress on other fronts. Free Trade Agreements (FTAs) with the UK and Oman are poised for April rollout, while the New Zealand pact eyes September. These moves underscore India’s aggressive push to expand global trade footprints.
Addressing reporters, Goyal emphasized inclusivity in global trade benefits. ‘Every MSME, every business, and every startup—big or small—must reap the rewards,’ he stated. The focus is on empowering new exporters and propelling Indian products and services across continents.
The India-US interim deal strikes a delicate balance, safeguarding consumer interests and export-led growth without compromising sovereignty. With India’s economy surpassing $4 trillion, negotiations were conducted from a position of strength, protecting self-reliant sectors.
Sensitive agricultural items like rice, wheat, corn, millets, and dairy have been excluded to shield domestic farmers from adverse impacts. No concessions were granted to the US on dairy, poultry, meat, wheat, rice, corn, or soybeans.
India has selectively allowed access only for needed goods or those not overproduced domestically, such as walnuts, pistachios, and specific liquors with minimum import prices in place. This strategic approach ensures gains without vulnerabilities.