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India-US interim deal text to be final this month; Goyal says signing by March
Darpan Jain will lead India's delegation to the US next week to finalise the deal's legal text in line with the February 7 joint statement of the two.
India is set to put a final stamp on several trade deals and free trade agreements (FTAs) in 2026, starting with the operationalisation of interim trade pact between India and the United States in April. The deal is likely to be signed in March, commerce minister Piyush Goyal said on Friday..
In April, New Delhi's free trade agreements (FTAs) with the UK and Oman are likely to be implemented, Goyal said, adding that India's trade pact with New Zealand is expected to be implemented in September. Track updates on AI summit
Progress on India-US trade deal
Officials from the New Delhi and Washington are set to finalise the legal text for an interim trade agreement in the US on February 23, according to news agency PTI. India is sending its chief negotiator Darpan Jain as the lead of India's delegation to the US next week to finalise deal's legal text in line with the February 7 joint statement of the two countries, HT reported earlier.
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“The joint statement pertains to the framework agreement that was reached between India and the US… The joint statement lays down the contours of the deal. Now the contour of the deal has to be translated into a legal agreement, which will be signed between the two sides. So, both sides are engaged in finalising that legal agreement, as I speak,” commerce secretary Rajesh Agrawal told HT, adding that Washington is expected to reduce the 25% reciprocal tariff on Indian merchandise exports to 18% soon, perhaps as early as this week.
The target is to see that “we can finalise, close and sign the legal agreement by March”, Agrawal said, adding that the 25% punitive tariff imposed on India by the US for its Russian oil purchase has “already gone”. On the move to reduce the other 25% reciprocal tariff to 18%, he said, “I’m told they are processing it. It should be done fast. Our expectation is, it should be done this week, but in case it is not done, the team is there next week, and we can see why it is taking time.”
