India-US trade deal's legal text to be finalized in March
What's the story
A team of Indian officials will visit the United States next week to finalize the legal text of an interim trade agreement. The visit is likely to begin on February 23, Commerce Secretary Rajesh Agrawal announced today. This agreement is expected to be signed in March. Earlier this month, India and the US had issued a joint statement announcing that a framework for such an agreement has been finalized.
Agreement
Virtual talks ongoing
Agrawal clarified that the joint statement lays down the contours of the deal, which now need to be translated into a legal agreement. This formal document will be signed between both countries. He revealed that virtual talks are ongoing as both sides work on finalizing this legal agreement. India's chief negotiator Darpan Jain will lead a delegation to the US next week for this purpose.
Progress update
Tariff adjustments to 18% being processed
Agrawal also noted that tariff adjustments to 18% are being processed and should be completed in due course. He said the process could be finalized as early as this week. Both countries are on the same page regarding the broad structure of the trade deal, with efforts now focused on translating these understandings into a legally binding agreement.