In a significant development for India’s export ambitions, the interim trade agreement with the US is on track for signing in March and enforcement from April. Commerce Minister Piyush Goyal shared this update during a media briefing on Friday.
Bilateral teams will convene from February 23 to polish the agreement’s legal framework. The pact builds on recent tariff reductions, dropping duties on Indian goods entering the American market from 50% to 18%—a win for exporters.
Optimism extends to other FTAs. Deals with Britain and Oman could activate in April, and the New Zealand agreement by September. Goyal’s vision is clear: democratize global trade perks for MSMEs, startups, and all businesses.
‘Our goal is to elevate new exporters and showcase Indian products worldwide,’ Goyal affirmed. Last week, he reiterated the deal’s design to harmonize consumer protection, export growth, and national sovereignty.
Leveraging a $4 trillion economy, India secured robust terms, ring-fencing key self-reliant industries. Exclusions cover critical farm produce—rice, wheat, maize, millets, dairy—to prevent any downside risks.
The US received zero tariff relief on dairy, poultry, meats, grains, or soybeans. India permitted limited entry for surplus-neutral items like nuts and select alcohols, backed by import price floors.
This calibrated strategy positions India as a shrewd player in global commerce, fostering growth while fortifying essentials. As implementation nears, stakeholders anticipate a surge in trade volumes and economic momentum.