India is gearing up to seal multiple trade agreements in 2026, with the interim trade pact with the United States slated for operationalisation in April, Commerce Minister Piyush Goyal said on Friday. Free trade agreements (FTAs) with the United Kingdom and Oman are also expected to come into effect the same month, while India’s trade pact with New Zealand is targeted for implementation in September, Goyal said, according to PTI.
India-US Deal: Legal Text to Be Locked in by February 23
On the India-US front, officials from New Delhi and Washington are set to meet in the US on February 23 to finalise the legal text of the interim trade agreement, PTI reported. India is sending its chief negotiator Darpan Jain to lead the delegation, in line with the joint statement issued by both countries on February 7.
Commerce Secretary Rajesh Agrawal told Hindustan Times that the February 7 joint statement lays down the broad contours of the deal, which now need to be translated into a formal legal agreement. “Both sides are engaged in finalising that legal agreement, as I speak,” Agrawal said, adding that the target is to “finalise, close and sign the legal agreement by March.”
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Goyal also confirmed this timeline, saying the pact is likely to be signed in March and operationalised in April.
Tariff Relief on the Horizon
Agrawal said Washington is expected to reduce the 25% reciprocal tariff on Indian merchandise exports to 18% soon possibly as early as this week. He also confirmed that the separate 25% punitive tariff imposed on India by the US over its purchase of Russian oil has “already gone.”
On the pace of the remaining tariff reduction, Agrawal said: “I’m told they are processing it. It should be done fast. Our expectation is, it should be done this week, but in case it is not done, the team is there next week, and we can see why it is taking time.”
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