The first tranche of the India–US bilateral trade agreement is likely to roll out by mid-March this year, Union Minister of Commerce and Industry Piyush Goyal said on Tuesday.
First Tranche of India–US Deal to Conclude by Mid-March, Says Commerce Minister Piyush Goyal
Commerce Minister Piyush Goyal said the first tranche of the India–US trade deal is expected by mid-March, with tariff cuts to 18% to follow after legal and executive processes are completed
Commerce & Industry Minister Piyush Goyal X/@Piyush Goyal
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The minister also said that a joint statement would be released within the next four to five days. Once that is done, an executive order will be issued, and the tariffs imposed on most Indian goods entering the US will come down to 18% from the current 50%.
“Because on the Indian side, tariff reduction is only after the legal element, as their tariffs are executive tariffs,” Commerce Secretary Rajesh Agarwal said. “Our tariffs are MFN tariffs, so MFN tariff reduction can only take place after the legal element has been signed.”
(This is a developing story.)