India and the US have finalised the broad framework for a proposed bilateral trade agreement, with discussions now focused on working out a new tariff structure before the pact can be implemented, Commerce Secretary Rajesh Agarwal said in an exclusive interaction with NDTV Profit.
His comments come as negotiations enter the final stretch, with tariffs emerging as the key issue that will determine the timing of the agreement’s rollout.
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The framework for the deal has already been agreed upon, but both sides are now working on a tariff regime that ensures Indian exports remain competitive in the US market.
The remarks echoed Commerce and Industry Minister Piyush Goyal’s recent statement that India cannot operationalise the agreement until it secures a competitive tariff advantage over rival exporting nations.
According to Goyal, India wants lower duties for its products compared with competing countries before the trade pact takes effect.
Speaking to NDTV Profit, Agarwal said the “new tariff structure is under work”, signalling that negotiations have now shifted from the broad contours of the agreement to the finer details of market access and tariff commitments.
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The commerce secretary also highlighted the government’s broader export ambitions, saying India continues to work towards its target of achieving $1 trillion in exports.
On the India-UK Free Trade Agreement, Agarwal said the pact would deliver immediate tariff gains for sectors such as gems and jewellery and leather while boosting services trade.
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He noted that the agreement includes mobility commitments, would enhance the competitiveness of Indian companies in the UK market, and that issues such as the UK’s Carbon Border Adjustment Mechanism (CBAM) have been resolved outside the FTA framework.
He also said the UK’s steel safeguard measures were imposed after the trade pact was signed. Tariff negotiations enter final phase as India seeks competitive edge before implementing pact
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