New Delhi, Feb 5 India is set to roll out the first tranche of its Bilateral Trade Agreement (BTA) with the United States in matter of days which will see a reduction in tariffs on domestic exports to 18 per cent, Commerce and Industry Minister Piyush Goyal said on Thursday.
The minister said that a joint India–US statement is likely to be released in the next four to five days. Once an executive order is issued following the statement, the reduced 18 per cent US tariff on Indian goods will come into force.
"A more comprehensive and formal agreement is targeted for signing by mid-March," he added.
Goyal further stated that India has already entered into a record eight trade agreements and the first tranche of the BTA with the US will soon become the ninth. The FTAs signed by India under PM Narendra Modi will help in the thrust to modernise India, he added.
"The FTAs signed under PM Modi help us in our thrust to modernise India," said the minister.
Goyal also announced that India is signing the terms of reference for a free trade agreement with the Gulf Cooperation Council (GCC), which marks the revival of discussions that have been ongoing for nearly two decades.
A holistic FTA with all six GCC nations would improve policy predictability, encourage investments and strengthen food and energy security, Goyal said.
Food processing, infrastructure, petrochemicals, and Information and Communications Technology are some of the many sectors that will benefit hugely from the India-Gulf Cooperation Council (GCC) FTA. India’s bilateral trade with the GCC currently stands at $179 billion.
The India-GCC FTA will become a force multiplier for global good, he added.
Meanwhile, Goyal announced in the Lok Sabha on Wednesday that the interests of India’s farmers have been protected in the India-US trade deal as agricultural and dairy products have been kept outside the ambit of the deal.
The minister said that India has successfully protected sensitive sectors such as agriculture and dairy, while giving full attention to food and farming concerns in the India-US trade agreement.
He said the partnership will create new opportunities for MSMEs, skilled workers, and industry, strengthen bilateral ties, and ensure energy security which remains a top priority for 140 crore Indians.
The minister said that the trade deal “will simplify the reach to advanced technologies and help in realising India's 'Make in India for the World', 'Design in India for the World' and 'Innovate in India for the World'."
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