India-US Trade Pact Set to Transform Bilateral Relations
India and the US are set to finalize a key trade agreement by mid-March, reducing tariffs on bilateral imports. Commerce Minister Piyush Goyal announced plans for the agreement, expected to boost trade and cooperation. The deal includes significant tariff reductions, enhancing trade prospects between the nations.
- Country:
- India
The long-anticipated trade agreement between India and the United States is poised for completion by mid-March, according to Commerce and Industry Minister Piyush Goyal. The agreement will lead to reduced import duties on Indian goods in the US, a move anticipated to bolster trade ties between the two countries.
Upon signing the joint statement, tariffs on Indian imports in the US will drop to 18 percent, down from the current 50 percent. This reduction follows the finalization of the agreement earlier this week, signaling a significant shift in the trade dynamics between these two economic giants.
Goyal emphasized that while the agreement indicates no immediate investment commitments, it paves the way for greater exports and imports, highlighting potential purchases of energy, ICT products, and aircraft. The trade pact aims to considerably increase procurement from the US to meet a potential USD 500 billion bilateral trade target by February 2025.
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