New Delhi:India-US economic and strategic engagement appears to be entering a new phase, with an interim trade agreement likely to be signed in March and operationalised in April, Commerce and Industry Minister Piyush Goyal said on Friday.
Earlier this month, the two countries released a joint statement outlining a framework for the first phase of abilateral trade agreement. To finalise the legal text, chief negotiators from both sides will meet in Washington for a three-day round of talks beginning February 23.
Goyal told reporters that the pact is expected to be signed next month and may be implemented in April. US Trade Representative (USTR) Jamieson Greer is likely to visit India in March to formally sign the agreement.
The momentum around the trade deal coincides with India joining the US-led strategic alliance Pax Silica, aimed at building resilient supply chains for critical minerals - a move seen as deepening cooperation beyond trade.
Speaking at the AI Impact Summit in New Delhi, US Ambassador Sergio Gor said the agreement is close to being finalised.
"From the trade deal to Pax Silica to defence cooperation, the potential for our two nations to work together is truly limitless," Gor said.
Also Read:India Joins 'Pax Silica' at AI Impact Summit, US Calls Entry 'Strategic, Essential' - WATCH
The joint statement released earlier lays down the contours of the agreement, which now need to be converted into a formal legal pact. The Indian delegation will be led by chief negotiator Darpan Jain, a joint secretary in the Commerce Ministry.
Under the interim pact, both sides will extend duty concessions on several traded goods.
The US has announced it will reduce reciprocal tariffs on Indian goods from 25 per cent to 18 per cent. It has also eliminated the 25 per cent punitive tariffs imposed on India for purchasing Russian crude oil. Domestic exporters were earlier facing tariffs as high as 50 per cent.
Source: India Latest News, Breaking News Today, Top News Headlines | Times Now
