India-US trade pact “Done and Dusted” pending tariff advantage mechanics: Goyal

The proposed bilateral trade agreement between India and the United States is essentially “done and dusted,” but its formal execution remains contingent on Washington establishing a distinct legal and tariff framework that gives Indian exporters a comparative advantage over competing manufacturing nations, Union Commerce and Industry Minister Mr Piyush Goyal stated at a Public Affairs Forum of India (PAFI) event in New Delhi. Following adjustments to the US tariff landscape—including the US Supreme Court ruling on IEEPA duties - the fundamental framework of the agreement has been finalised. However, implementation hinges on ensuring Indian goods secure lower relative duty rates in the American market compared to regional competitors like Vietnam, Thailand and China. Mr Goyal emphasised that India is expanding its network of trade pacts to cover nearly 75% of global GDP to hedge against rising tariff uncertainties, ahead of his scheduled bilateral meeting with US Trade Representative Jamieson Greer at the G20 Trade Ministerial in Milwaukee, according to a report.

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