India and US Set to Finalize Initial Trade Agreement by Mid-July
India-US trade pact first phase likely by mid-July

Image: Hindustan Times
India and the US aim to finalize the first phase of a bilateral trade agreement by mid-July, as announced by Union commerce minister Piyush Goyal. The agreement aims to provide India with preferential access in various sectors amid ongoing negotiations.
- 01The first phase of the India-US trade agreement is expected to be executed by mid-July 2023.
- 02US Trade Representative proposed a 12.5% duty on imports from India under Section 301, impacting Indian textiles and agricultural products.
- 03The recent talks in New Delhi were described as 'positive and constructive' by both Indian and US officials.
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India and the United States are progressing towards finalizing the first phase of their bilateral trade agreement, with Union commerce minister Piyush Goyal announcing a target date of mid-July 2023. Following a meeting with the US trade negotiating team in New Delhi, Goyal expressed optimism about closing outstanding issues, emphasizing that this initial phase will grant India preferential access over its competitors in key sectors. The discussions, which took place from June 2-4, were led by US Assistant Trade Representative Brendan Lynch and Indian Additional Secretary Darpan Jain. Despite positive dialogue, the negotiations face challenges due to a proposed 12.5% additional duty on imports from India, which could adversely affect Indian products like textiles and seafood compared to lower rates for competitors such as Pakistan and Indonesia. Nonetheless, both sides reaffirmed their commitment to a mutually beneficial agreement, with a high-level US team expected to visit India soon to further advance the talks.
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The new trade agreement could enhance India's export competitiveness in the US market, particularly in textiles and agriculture.
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