US-India Trade Agreement Takes Shape in Crucial Talks
A three-day meeting between Indian and American officials is set to finalize the legal text for an interim trade agreement. With prior frameworks in place, the agreement, expected to be signed in March, includes mutual tariff reductions. Indian negotiator Darpan Jain leads discussions, aiming for increased trade cooperation.
- Country:
- India
Officials from India and the United States are convening for a three-day meeting starting February 23 in the US, focusing on finalizing the legal text for an interim trade agreement. This follows a joint announcement earlier in the month that a framework for the agreement had already been established.
The framework outlines critical elements of the deal, which needs translation into a legal agreement, slated for signing in March. Indian negotiation efforts are led by Darpan Jain, a joint secretary in the Commerce Ministry. The agreement is expected to offer significant changes, including tariff concessions on both sides.
The US notably plans to lower reciprocal tariffs on Indian goods from 25% to 18%, having already removed punitive tariffs related to India's crude oil transactions with Russia. This developing agreement marks substantial progress in US-India trade relations.
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