New Delhi [India], February 20 (ANI): India and the United States of America are working towards finalising a mutually beneficial trade agreement under the interim trade agreement framework announced on February 7, the Ministry of External Affairs said on Friday.Addressing the weekly media briefing, MEA spokesperson Randhir Jaiswal said both countries are moving ahead in line with the joint statement adopted on February 7.”We have adopted the joint statement between India and the US recently. As per the joint statement, both sides are working to finalize mutually beneficial trade agreement. A team from our side lead by the chief negotiator, is expected to head to the US next week,” Jaiswal said.Jaiswal further said that a team from India’s side, led by the “chief negotiator”, is expected to head to the US next week.Earlier today in a press conference on the sidelines of the Global AI Impact Summit taking place in the national capital, when asked about when the India-US interim trade deal would be signed, Gor praised the ties between New Delhi and Washington and hailed the friendship between PM Modi and US President Trump.”The signing will happen very soon. In fact, even this week, both teams are talking to each other and actively getting to a place where both will be able to sign. We’re not dealing with a small country; this is one of the biggest economies. And so we’re thrilled that the interim deal is done. You have a few tweaking points that are left to do, but it’s done. So the signing will happen sooner than later, ” Gor said.Moreover, on February 16, India’s Chief negotiator and Special Secretary in the Department of Commerce, Rajesh Agrawal, confirmed that the India-US trade discussions are moving forward to establish a formal agreement.”There have been virtual engagements going on (with the US), and next week, the chief negotiator will be leading a delegation to the US to finalise the legal framework towards the legal agreement that work will carry on next week in Washington,” Agrawal said, briefing the media while releasing the trade data for January.Earlier this month, in an exclusive interview with ANI on the sidelines of BIOFACH 2026, Agrawal said India expects to finalise and sign the legal agreement for the interim trade deal with the United States before the end of March.”The joint statement that India-US has released lays down the broad contours of the Interim Agreement that both sides have reached. Now, this Interim Agreement and the understanding that has been reflected in the joint statement need to be converted into a legal document. The process is on,” Agrawal explained.The Commerce Secretary expressed cautious optimism about the timeline while acknowledging potential challenges. “We expect that before the end of March, we should be able to finalise and sign the legal agreement. However, having said that, I think drafting a legal agreement to the satisfaction of both sides also sometimes may take time, but we are hopeful the teams are working on it. We should look at March as the timeline in which we should make it operational,” he said.Asked about the main sectors that will benefit from the agreement, the Commerce Secretary highlighted India’s competitive advantage in labour-intensive industries.”The unique strength of India lies in the labour-intensive sectors. And since the US has been a very strong market for India in the labour-intensive sectors, I think with this framework Interim Agreement, there will be an advantage for our labour-intensive sector. They will be able to grow unhindered,” Agrawal said.Addressing concerns about the 18 per cent tariff ceiling, he said that competitive countries in the same geography have tariffs above 18 per cent.”Though there are talks about that 18 per cent tariff still is high, but our competitive countries also have a tariff more than 18% in the same geography, I think when the tariff starts getting transferred to the consumers and industry, (they will) have an unhindered access to the market,” he said. (ANI)(This content is sourced from a syndicated feed and is published as received. The Tribune assumes no responsibility or liability for its accuracy, completeness, or content.)
