India-US Trade Pact: A New Dawn in Bilateral Relations

An interim trade deal between India and the US is set to be operational in April. The agreement involves duty concessions and aims to enhance bilateral trade. US Trade Representative Jamieson Greer is expected to sign the agreement. Concerns were raised by Congress leader Rahul Gandhi regarding the deal's implications.

In a significant move, India and the US are poised to finalize an interim trade agreement by March, which is anticipated to commence in April, according to Commerce Minister Piyush Goyal. The breakthrough was announced following discussions that laid down a framework for bolstering trade relations.

The agreement entails mutual duty concessions with the US reducing tariffs on Indian goods to 18% from the previous 25%. This comes as a relief to sectors like apparel and marine exports, which suffered under high tariffs. The agreement is set to open business vistas for Indian exporters.

While the deal has faced scrutiny from political circles, particularly Congress leader Rahul Gandhi who questioned its fairness, the economic implications appear promising. India plans substantial imports from the US, including energy products and high-tech equipment, fortifying bilateral trade ties.

(With inputs from agencies.)