The first tranche of the India–US bilateral trade agreement is likely to be formalised by mid-March this year, Commerce and Industry Minister Piyush Goyal said on Tuesday.
The minister also said that a joint statement would be released within the next four to five days and, once that is completed, an executive order would be issued. Following this, tariffs imposed on most Indian goods entering the US would be reduced to 18% from the current 50%.
“On the Indian side, tariff reduction can only take place 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."
1 January 2026
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