India’s commerce landscape is set for transformation with the impending rollout of an interim trade deal with the United States. Speaking to reporters, Minister Piyush Goyal revealed that signing could happen in March, with the agreement becoming operational by April.
The legal framework will be finalized starting February 23, as teams from both nations convene. This follows an early-month joint declaration reducing US tariffs on Indian exports dramatically from 50% to 18%, a win for Indian exporters eyeing the vast US market.
Goyal underscored the inclusive approach: ensuring trade gains trickle down to MSMEs, startups, and individual entrepreneurs. ‘Our goal is to propel new exporters and take Indian products to every corner of the world,’ he stated.
Last week, he had elaborated that the pact strikes a fine balance between consumer welfare and export promotion, all without yielding sovereignty. India’s robust $4 trillion economy enabled tough bargaining, shielding vital self-reliance areas.
Crucially, ‘sensitive’ farm items—rice, wheat, maize, millets, and dairy—remain untouched. The US receives no tariff relief on dairy, poultry, meats, grains, or soybeans from India. Access is limited to select imports like nuts and premium liquors, governed by strict minimum prices.
On parallel tracks, FTAs with Britain and Oman are on course for April activation, and New Zealand’s by September. These milestones reflect India’s savvy diplomacy in forging equitable trade partnerships amid global uncertainties.