New Delhi is buzzing with anticipation as Commerce and Industry Minister Piyush Goyal announced that the first phase of the India-US trade deal could emerge within the next four to five days. This breakthrough comes with a significant reduction in US tariffs on Indian exports, dropping to 18 percent once the executive order is issued.
Goyal shared these updates during a press briefing on Thursday, highlighting the swift progress in bilateral negotiations. ‘A joint statement is expected soon, paving the way for this tariff cut,’ he stated, emphasizing the momentum built under Prime Minister Narendra Modi’s leadership.
This deal marks the ninth bilateral trade agreement India has finalized, following eight others. Goyal underscored how these pacts, signed under Modi’s oversight, are instrumental in modernizing India’s economy and boosting global competitiveness.
In a parallel development, India is set to ink terms of reference for a Free Trade Agreement (FTA) with the Gulf Cooperation Council (GCC), resurrecting talks dormant for nearly two decades. This move promises enhanced policy predictability across all six GCC nations, spurring investments and fortifying food and energy security.
Sectors like food processing, petrochemicals, and ICT stand to gain immensely from the India-GCC FTA, with current bilateral trade already at a robust $179 billion. Goyal described this prospective agreement as a global game-changer, fostering mutual prosperity.
Earlier in the week, addressing Parliament, Goyal reassured that India has safeguarded its sensitive sectors, particularly agriculture and dairy, in the US trade talks. Post-Modi’s February 2025 US visit, consistent dialogues have shaped this balanced, mutually beneficial pact, signaling a new era in India-US economic ties.