India-US trade deal likely to be signed in March, operationalised in April: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal on Friday said that the interim trade agreement between India and the United States is likely to be signed in March and operationalised in April, PTI reported.

A three-day meeting between officials from New Delhi and Washington to finalise the legal text of the agreement will begin in the United States on February 23, the news agency reported.

India and the US had agreed on a framework for the deal on February 2.

Under the agreement, US tariffs on Indian goods will be reduced to 18% from a combined rate of 50%. The earlier rate of 50% had included a punitive levy of 25% imposed in August over India’s purchase of Russian oil.

The punitive tariffs were introduced as part of US President Donald Trump’s pressure campaign against countries buying discounted oil from Russia amid Moscow’s war on Ukraine. The US had claimed that India stopped purchasing Russian oil after the tariffs were imposed.

However, India has maintained that the tariffs were unjustified and said its oil purchases were guided by energy security considerations.

Opposition parties have expressed concerns that the agreement could jeopardise the interests of farmers and small and medium enterprises.

On Friday, Goyal also said that India’s free trade agreements with the United Kingdom and Oman are likely to be implemented in April, while...

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