A major trade breakthrough looms for India and the US, with Commerce Minister Piyush Goyal disclosing that their interim agreement might be inked in March and effective from April. This announcement, made Friday, sets the stage for enhanced economic collaboration.
Indian and US negotiators will huddle from February 23 to finalize the agreement’s text. Building on a recent joint statement, the US has cut import duties on Indian goods from 50% to 18%, boosting competitiveness for everything from textiles to tech.
In his address to the press, Goyal stressed democratizing trade perks. ‘Every MSME and startup must reap global trade rewards,’ he said, outlining plans to nurture fresh exporters and globalize Indian offerings.
The deal exemplifies prudent policymaking: upholding sovereignty, prioritizing consumers, and fueling exports. Leveraging its $4 trillion GDP heft, India secured protections for self-sufficient industries.
Key exclusions include rice, wheat, corn, millets, and dairy to avert domestic disruptions. No US favors on animal products, grains, or soybeans. India greenlit imports sparingly—walnuts, pistachios, choice whiskeys—under minimum value thresholds.
Excitingly, UK and Oman FTAs could launch in April, New Zealand’s in September. As India fortifies its trade architecture, these pacts promise sustained growth and resilience in international commerce.