3 months ago
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A squad of Indian officials volition sojourn the U.S. adjacent week to finalise the ineligible substance for an interim commercialized agreement, which is apt to beryllium signed successful March, Commerce Secretary Rajesh Agrawal said connected Monday (February 16, 2026).
The sojourn is apt to commencement connected February 23.
Earlier this month, India and the U.S. released a associated statement to denote that a model for an interim commercialized statement has been finalised.
“The associated connection lays down the contours of the deal. Now, the contours of the woody person to beryllium translated into a ineligible agreement, which volition beryllium signed betwixt the 2 sides,” helium told reporters successful New Delhi.
Both sides are engaged successful finalising that ineligible agreement, and virtual talks are going connected for that.
“Next week, (India's) main negotiator Darpan Jain volition beryllium starring a delegation to the U.S. to finalise the ineligible (pact) to enactment towards the ineligible agreement. That enactment volition transportation connected adjacent week successful Washington and, if request be, thereafter successful July and March,” Mr. Agrawal said.
Mr. Jain is the associated caput successful the Commerce Ministry.
The caput said that determination is an effort to adjacent and motion the woody successful March, "but I person not enactment a deadline connected it".
"Because ineligible statement finalisation besides has definite intricacies, which some sides volition person to resolve," helium said.
Under the interim commercialized pact, some sides would widen work concessions to each different connected a fig of goods traded betwixt them.
The U.S. has announced that it volition reduce the reciprocal tariffs connected Indian goods from 25% to 18%. It has already eliminated the 25% punitive tariffs connected India for buying Russian crude oil.
Agrawal said that the US is moving connected reducing the reciprocal tariffs from 25% to 18%.
“I americium told they are processing it. It should beryllium done fast,” helium said, adding that “our anticipation is that it should beryllium done this week. But, successful lawsuit it is not done, the squad is determination adjacent week, and we tin prosecute and spot wherefore it is taking time”.
Normally, the statement is that 18 per cent volition beryllium done successful the interim pact, and the remaining tariff lines, wherever reciprocal tariffs are expected to spell down to zero, that volition lone beryllium done aft the ineligible statement is signed, helium said.
“And from our broadside also, immoderate simplification successful tariff, immoderate marketplace access, preferential marketplace entree volition beryllium extended lone aft the ineligible statement is signed,” the caput said.
On cotton, helium said India imports astir 200-250 cardinal dollars of US fabric connected average.
“And the assortment being imported, I presume, is the aforesaid assortment which we get the preferential marketplace access,” helium added.
