India’s Chief Negotiator to Visit US Next Week to Finalize Interim Trade Agreement

India’s chief trade negotiator, Darpan Jain, will travel to the United States next week to finalize the legal text for an interim trade agreement, commerce secretary Rajesh Agrawal said on Monday. The move follows the February 7 joint statement by both countries, which laid the framework for reducing tariffs and enhancing bilateral trade ties.

Agrawal said Washington is expected to reduce the 25% reciprocal tariff on Indian merchandise exports to 18% soon, possibly as early as this week. “Both sides are engaged in finalizing the legal agreement… the target is to close and sign it by March,” he added, noting that some legal issues still need resolution.

He confirmed that the 25% punitive tariff imposed in August over India’s purchase of Russian crude has already been removed. Reductions on other tariffs will take effect only after the formal legal agreement is signed, including potential zero duties on select products.

The February 7 framework marked a significant breakthrough after nearly a year of negotiations, with the two sides agreeing on market access, zero duties for some products, and measures to deepen economic ties. India’s commerce minister Piyush Goyal called the framework “historic” and emphasized its potential to boost exports from MSMEs, farmers, fishermen, youth, and women in India’s $30 trillion trading partner, the United States.