First Tranche Of India-US Trade Deal Near Closure, Covers Reciprocal Tariffs, Sources Say
The two countries have publicly announced their intent to sign a deal by the end of this year.
The first tranche of the India-United States bilateral trade deal is near closure, government sources told NDTV Profit on Monday.
"The trade deal has two parts, one part will take its own time, other part is the first tranche which can address all kinds of tariffs. We remain engaged, the discussions are on and part of agreement that covers reciprocal tariffs should happen sooner rather than later," an official said. The source declined to place a deadline for the agreement.
The two countries have publicly announced their intent to sign a deal by the end of this year.
Washington imposed a 50% tariff on most Indian goods in August, half of which is a penalty for purchase of Russian oil.
The Trump administration recently granted exemption from tariffs for 254 products, including 229 agricultural items. These products cover $1 billion of US imports from India.
"India stands to gain in fruits and nuts, processed foods, spices, tea and coffee. The overall agri exports to US is at $2.5 billion in 2024, roughly $1 billion now stands exempted," Commerce Secretary Rajesh Agrawal said during a press briefing.
