India, US to hold talks from Feb 23 on sealing trade deal, signing soon after
&imwidth=600&imheight=450&format=webp&quality=medium "India, US to hold talks from Feb 23 on sealing trade deal, signing soon after")
Photograph: (AFP (File Photo)
Union Commerce Minister Piyush Goyal on Friday said that the deal with the United States is likely to come into effect in April this year.
India and the United States will convene a three-day meeting in the US on February 23 to conclude the legal text for their proposed trade deal. This comes after both sides adopted a framework on the same earlier this month, following months of diplomatic deadlock over the trade deal and the US president's punitive tariffs against New Delhi.
According to a PTI report citing an official, the joint statement signed by the two countries had outlined the contours of the deal. The focus now shifts to translating the agreed-upon framework into a formal legal agreement. The pact is expected to be signed in March.
Union Commerce Minister Piyush Goyal on Friday said that the deal with the United States is likely to come into effect in April this year. The Free Trade Agreement (FTAs) with Uk and Oman are also expected to be operational in the same month, he added.
Earlier today, in a press conference on the sidelines of the Global AI Impact Summit, US Ambassador Sergio Gor said the signing of the deal will happen sonner then later.
"The signing will happen very soon. In fact, even this week, both teams are talking to each other and actively getting to a place where both will be able to sign. We're not dealing with a small country; this is one of the biggest economies. And so we're thrilled that the interim deal is done. You have a few tweaking points that are left to do, but it's done. So the signing will happen sooner than later, " Gor said.
Moreover, the Ministry of External Affairs Randhir Jaiswal on Friday confirmed that both countries are moving ahead in line with the joint statement adopted on February 7.
Trending Stories
&im=FitAndFill=(700,400))
)
)
)
)
&im=FitAndFill=(700,400))
)
)
)
)
)
)
)
)
)
)
)
&im=FitAndFill=(700,400))
)
)
)
)
)
&im=FitAndFill=(700,400))
)
)
)
)
)
&im=FitAndFill=(700,400))
)
)
)
"We have adopted the joint statement between India and the US recently. As per the joint statement, both sides are working to finalize mutually beneficial trade agreement. A team from our side lead by the chief negotiator, is expected to head to the US next week," Jaiswal said.
In a landmark development on February 7, Prime Minister Narendra Modi and US President Donald Trump announced finalisation of a framework for an interim trade agreement, slashing the tariffs on Indian goods from punitive 50 per cent to a reciprocal 18 per cent tariffs.
Following the announcement, Goyal said that the day will be etched in history with golden letters as "A $30 trillion economy is now open to our exporters. This joint statement gives every Indian citizen an opportunity for new hope, enthusiasm, and new resolutions. The 50 per cent tariff that Indian exporters faced will now be only 18 per cent. We will have the lowest tariffs compared to our neighbouring countries. Exporters of gems and pharmaceuticals will face zero duty in the US," he said.
