India-US Interim Trade Deal Nears March Signing

India and the United States are advancing toward an interim trade agreement, with officials expecting it to be signed in March and take effect in April, following a framework outlined earlier this month. The deal aims to reduce tariffs and expand market access for goods between the two nations, marking a step in ongoing bilateral trade negotiations.

Commerce and Industry Minister Piyush Goyal announced on Friday that the pact would operationalize next month, providing duty concessions on various traded items. He highlighted its benefits for Indian exporters, noting that the agreement safeguards sensitive sectors such as agriculture while lowering U.S. tariffs on Indian goods to 18 percent from a previous combined rate of 50 percent. The earlier higher rate included a 25 percent punitive levy imposed in August over India's purchases of discounted Russian oil amid the Ukraine conflict. That levy has now been eliminated, offering relief to industries like apparel, leather, and marine products that faced export challenges.

To finalize the legal text, chief negotiators from both countries will convene in Washington for three days starting February 23. The Indian delegation will be...