Big update in India-US trade deal as Interim Trade Agreement expected to be...; check what Commerce Secretary has said
Commerce Secretary Rajesh Agrawal has said that India expects to finalise and sign the legal agreement for the interim trade deal before the end of March.
India-US trade deal: Days after US President Donald Trump announced historic deal with India, Commerce Secretary Rajesh Agrawal has said that India expects to finalise and sign the legal agreement for the interim trade deal with the United States before the end of March. Addressing concerns about the 18% tariff ceiling, the official said that competitive countries in the same geography have tariffs above 18%. Here are all the details you need to know about what Commerce Secretary Rajesh Agrawal has said about India-US trade deal.
When will India-US trade deal get final legal documentation?
"The joint statement that India-US has released lays down the broad contours of the Interim Agreement that both sides have reached. Now this Interim Agreement and the understanding that has been reflected in the joint statement needs to be converted into a legal document. The process is on," Agrawal explained in his interview to ANI news agency.
The Commerce Secretary expressed cautious optimism about the timeline while acknowledging potential challenges.
'We expect that before the end of March': Details on India-US trade deal
"We expect that before the end of March, we should be able to finalise and sign the legal agreement. However, having said that, I think drafting a legal agreement to the satisfaction of both sides also sometimes may take time, but we are hopeful the teams are working on it, we should look at March as the timeline in which we should make it operational," he said.
Asked about the main sectors that will benefit from the agreement, the Commerce Secretary highlighted India's competitive advantage in labour-intensive industries.
"The unique strength of India lies in the labour-intensive sectors. And since US has been a very strong market for India in the labour-intensive sectors, I think with this framework Interim Agreement, there will be an advantage back to our labour-intensive sector. They will be able to grow unhindered," Agrawal said.
"Though there are talks about that 18% tariff still is high, but our competitive countries also have a tariff more than 18% in the same geography, I think when the tariff starts getting transferred to the consumers and industry, (they will) have an unhindered access to the market", he added.
(With ANI inputs)
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