New Delhi: India is preparing to implement several important free trade agreements (FTAs) in the coming months. Union Commerce and Industry Minister Piyush Goyal said that trade agreements with the United Kingdom and Oman are likely to become operational in April. A similar agreement with New Zealand is expected to be implemented by September.
At the same time, India and the United States are close to finalising an interim trade agreement. This deal is expected to be signed in March and come into effect in April.
India–US Interim Trade Pact
Earlier this month, Prime Minister Narendra Modi and US President Donald Trump announced that both countries had finalised the framework for an interim trade agreement.
Under this understanding, the United States will reduce the reciprocal tariff on India from 25 per cent to 18 per cent. President Trump also signed an executive order removing the 25 per cent punitive tariff that had been imposed on India over its purchases of Russian oil.
Officials from both sides will now convert the agreed framework into a proper legal agreement. A three-day meeting between Indian and American officials will begin in the US on February 23 to finalise the legal text.
The Indian delegation will be led by chief negotiator Darpan Jain, a joint secretary in the Commerce Ministry. Once the legal draft is completed, the agreement is expected to be formally signed in March.
FTAs with UK, Oman and New Zealand
Apart from the US deal, India’s FTAs with the UK and Oman are likely to be implemented in April. These agreements are expected to improve trade flows, reduce tariffs, and create new business opportunities.
The agreement with New Zealand is expected to be implemented by September. Together, these trade deals aim to strengthen India’s global trade position and improve access to key markets.
What This Means?
In simple terms, these agreements are designed to reduce trade barriers and make it easier for businesses to export and import goods. If implemented on schedule, they could boost trade volumes and deepen economic ties between India and its partner countries.
