India to Finalize Interim US Trade Pact Text in Washington Next Week
India to Finalize Interim US Trade Pact Text in Washington Next Week
A team of Indian officials will travel to the United States to finalise the legal text for an interim trade pact, aiming for a March signing as talks continue.
A team of Indian officials will travel to the United States next week to finalise the legal text for an interim trade pact, with a signing in March in sight, Commerce Secretary Rajesh Agrawal said on Monday in New Delhi. The delegation, led by chief negotiator Darpan Jain, is expected to start February 23 and carry forward virtual discussions that have been shaping the pact's contours.
Earlier this month, India and the U.S. released a joint statement outlining the framework of the deal. The focus now is translating those contours into a legally binding document, with both sides working to resolve legal intricacies as quickly as possible.
Under the interim pact, both nations would extend duty concessions on a number of traded goods, and the United States has announced it will reduce reciprocal tariffs on Indian goods from 25% to 18%. Agrawal stressed that while the legal finalisation involves complexities, the teams will continue negotiations in Washington and may meet again in July or March if needed.
Agrawal said there is an effort to close and sign the deal in March, but no deadline is set. The work will carry on through in-person and virtual discussions as needed.
