New Delhi and Washington finalise a framework for an interim trade agreement, with enhanced cooperation on technology, resilient supply chains and intellectual property laying groundwork for a broader bilateral trade pact.

The India-US trade pact opens a USD 118 billion textile market, enhancing opportunities for Indian exports and improving competitiveness.

India and the US are expected to sign the first phase of a bilateral trade agreement by mid-March, which will result in the US lowering import duties on Indian goods. India will then begin reducing import duties on certain US goods.

In the standard way of doing trade agreements, you work out the details first, which often takes more than a year, and only then issue a joint statement confirming the agreement,” he said. “This is not the Trump style.