India, US Poised to Sign Trade Agreement by Mid-March, Lowering Tariffs

• Commerce and Industry Minister Piyush Goyal announced that India and the US are likely to sign the first part of a bilateral trade agreement by mid-March.
• The agreement will lead to the US lowering import duties on Indian goods from 50% to 18%, with India also reducing tariffs on certain US imports.
• A joint statement on the first phase of the agreement is expected to be finalized and signed within 4-5 days, followed by a formal agreement in about a month.
• The reduced 18% tariffs on Indian goods will be implemented via a US executive order shortly after the joint statement.
• The deal aims to boost bilateral trade towards a USD 500 billion target by February 2025, with India projecting significant procurement from the US in energy, ICT, and aircraft.