India-US interim trade deal likely to kick in from April: Piyush Goyal
Zee News
On February 7, the US and India announced in a joint statement that they reached a framework for an Interim Agreement regarding reciprocal and mutually beneficial trade.
New Delhi: Commerce and Industry Minister Piyush Goyal said on Friday that the interim trade deal between India and the United States is likely to become operational in April this year.
Meanwhile, 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.
The minister also said that India's free trade agreements (FTAs) with the UK and Oman are likely to be implemented in April, while in the case of New Zealand, the trade pact is expected to be implemented in September.
On February 7, the US and India announced in a joint statement that they reached a framework for an Interim Agreement regarding reciprocal and mutually beneficial trade.
The India-US bilateral trade agreement marks a major milestone in India’s global trade engagement, securing sustained preferential access for Indian exports in the US market valued at over $30 trillion, according to an official statement.
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Addressing concerns about the 18 percent tariff ceiling, he said that competitive countries in the same geography have tariffs above 18 percent.
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While the deal offers limited tariff relief, analysts say the conditions attached to the agreement may carry significant costs.
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