Commerce Minister Piyush Goyal on Friday said the India-US interim trade deal is likely to come into effect in April this year. He added that free-trade agreements (FTAs) with the UK and Oman are also
likely to be operationalised during the month.
With New Zealand, the pact is expected to be implemented in September.
According to a PTI report citing an official, a three-day meeting between Indian and American officials to finalise the legal text for an interim trade agreement will begin in the US on February 23.
Earlier this month, India and the US released a joint statement to announce that a framework for an interim trade agreement has been finalised.
The joint statement lays down the contours of the deal. Now, the contours of the deal have to be translated into a legal agreement, which will be signed between the two sides. It is expected to be signed in March.
Indian team will be headed by chief negotiator Darpan Jain, who is a joint secretary in the Commerce Ministry.
Under the interim trade pact, both sides would extend duty concessions to each other on a number of goods traded between them.
The US has announced that it will reduce the reciprocal tariffs on Indian goods from 25 per cent to 18 per cent. It has already eliminated the 25 per cent punitive tariffs on India for buying Russian crude oil.
