Overview
- Speaking at the Raisina Dialogue, Piyush Goyal said India secured the most favorable terms among competing nations in a phase-one trade framework with the United States.
- Chief negotiators were due to finalize the legal text, but that meeting has been postponed, leaving implementation steps pending.
- US policy shifts have complicated the process, with the Supreme Court action followed by President Donald Trump’s 10% tariff on all imports for 150 days from February 24.
- Under the framework, India would cut or remove duties on US industrial goods and selected farm products such as DDGs, red sorghum, tree nuts, fruit, soybean oil, wine and spirits.
- India has indicated plans to buy up to USD 500 billion of US energy, aircraft and parts, precious metals, technology products and coking coal over five years, as both sides emphasize broader ties spanning technology, critical minerals, defense and investment.