New Delhi, Feb 20 (UNI) The interim trade deal between India and the United States is likely to become operational in April this year, said Commerce and Industry Minister Piyush Goyal on Friday.
India’s free trade agreements (FTAs) with the UK and Oman are also likely to be implemented in April, while in the case of New Zealand, the trade pact is expected to be implemented in September.
A three-day meeting between Indian and US officials to finalise the legal text for the interim trade agreement will begin in the US on February 23.
Both the countries have issued a joint statement on the interim trade framework that focuses on lowering select tariffs, deepening energy trade, and expanding economic cooperation.
Under the interim arrangement, both countries are expected to grant duty concessions on a range of goods. The US has indicated it will lower reciprocal tariffs on Indian products from 25 per cent to 18 per cent and has already removed the 25 per cent punitive tariffs imposed on India over its purchases of Russian crude oil.
Under the agreement, India has agreed to purchase USD 500 billion worth of American goods over five years including oil and gas, coking coal, aircraft and aircraft parts, precious metals, and advanced technology products.
Minister Goyal has underlined that India’s expanding network of Free Trade Agreements (FTAs) has significantly enhanced market access for Indian exporters.
He noted that nearly 70 per cent of global GDP and two-thirds of global trade are now accessible to India through nine concluded FTAs, including the first tranche of the Bilateral Trade Agreement with the United States. These agreements provide preferential access across sectors in 38 developed and emerging economies.
Minister stated that India today engages with developed economies with confidence, safeguarding sensitive sectors while securing gains in areas of competitive strength.
