Commerce Minister Piyush Goyal dropped a major update from New Delhi: the inaugural phase of the India-US trade agreement is just days away, with tariffs on Indian goods to the US slashing to 18 percent. Expect a joint statement in 4-5 days, tied to the US executive order rollout.
Speaking to reporters, Goyal painted an optimistic picture of trade diplomacy. This ninth bilateral pact for India builds on eight prior successes, all championed by PM Narendra Modi to propel economic reforms and innovation.
Shifting focus to the Gulf, Goyal revealed India’s imminent signing of reference terms for a long-awaited GCC FTA. After almost 20 years of stalled discussions, this pact with the six-nation bloc will streamline policies, attract investments, and secure vital food and energy supplies.
Key industries poised for a boost include food processing, petrochemicals, and information technology, amid $179 billion in existing trade volume. ‘This FTA will inspire global trade dynamics,’ Goyal affirmed.
In Lok Sabha on Wednesday, Goyal detailed how India protected its agricultural and dairy interests in US negotiations. Following Modi’s landmark 2025 US trip, ongoing talks have crafted a fair deal, heralding stronger economic synergies between the two giants and setting the stage for comprehensive mid-March finalization.