India is set to roll out the first tranche of its Bilateral Trade Agreement (BTA) with the United States within the next few days, with tariff reductions expected to come into effect shortly, Union Commerce and Industry Minister Piyush Goyal said on Thursday.
Goyal said a joint India–US statement is likely to be issued and signed within four to five days. Following this, an executive order will pave the way for an 18% reduction in tariffs. He added that a more comprehensive and formal trade agreement is targeted to be signed by mid-March.
Calling the development a milestone, Goyal said the upcoming BTA tranche will become India’s ninth trade agreement, offering immediate relief to businesses and setting the stage for deeper economic engagement between the two countries.
The minister also said India is moving ahead with long-pending free trade agreement talks with the Gulf Cooperation Council (GCC), with terms of reference set to be signed soon. India’s trade with the GCC currently stands at $179 billion. A comprehensive FTA, he said, would boost investment, improve policy certainty and strengthen food and energy security while benefiting sectors such as food processing and petrochemicals.
