India-US Interim Trade Agreement Finalization

Indian officials, led by chief negotiator Darpan Jain, will visit the United States next week, starting February 23, to finalize the legal text for an interim trade agreement. This follows a joint statement earlier this month that outlined the framework for the deal, which is expected to be signed in March. Under the pact, the United States will reduce reciprocal tariffs on Indian goods from 25% to 18% and has already eliminated punitive tariffs on India for buying Petroleum. India will also extend duty concessions and preferential market access. Commerce Secretary Rajesh Agrawal emphasized the effort to close the deal in March, acknowledging the intricacies involved in finalizing the legal agreement. The agreement is anticipated to open significant export opportunities for India in the US market.