India’s commerce landscape is buzzing with anticipation. The interim trade deal with the United States may be inked next month, effective April, according to Minister Piyush Goyal’s Friday revelation.
Final legal tweaks kick off February 23 between negotiators. This caps a joint declaration slashing US tariffs on Indian exports to 18% from 50%, fueling optimism for enhanced bilateral flows.
Goyal dropped more good news: UK and Oman FTAs likely April-bound, New Zealand’s in September. He stressed equitable trade gains. ‘Global opportunities should reach every MSME and startup,’ he told journalists.
Prioritizing novel exporters, India aims to globalize its goods and services. The US pact, Goyal noted last week, balances exports and consumers sans sovereignty trade-offs.
From a $4 trillion powerhouse stance, India defended atmanirbhar sectors fiercely. Sensitive crops—rice, wheat, corn, bajra, dairy—stay out, nullifying potential harms.
No US favors on dairy, chicken, meat, wheat, rice, maize, soybeans. Selective openings for imports India needs or doesn’t surplus-produce: walnuts, pistachios, niche whiskeys with import duties intact.
This deal exemplifies prudent diplomacy, boosting commerce while shielding vulnerabilities. With multiple FTAs aligning, India’s trade engine revs up for a transformative phase.