US Trade Deal Update: Indian delegation to visit US on April 20, says official

Commerce Secretary Rajesh Agrawal said on Wednesday that the current financial year will be much better than the last, which saw the country's imports surge 16.6 times over the previous year while exports rose 24 per cent. He also expressed hope that the situation will significantly improve in FY27 given that India's trade agreements with several countries are set to take effect soon.

India-US Trade Deal Update: Indian delegation to visit USA next week

An Indian delegation will visit the US on April 20-22, to take the trade talks between both sides forward, said Agrawal.

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"The Indian team, led by the chief negotiator, will be visiting the US from the 20th of this month. The negotiating teams will be meeting in person after a gap of about 3-4 months. They have been engaging virtually in the meantime. We are looking at finalising the legal agreement, which is a logical follow-up of the joint statement released on February 7. There is a need for further discussions and follow-up engagement to take this forward," he said.

India and the US have announced a framework for an interim trade agreement, pending full legal finalisation.

Under the terms agreed under the deal, announced on February 2, US tariffs will be reduced on Indian goods from around 50 per cent to 18 per cent whereas India will purchase American goods worth $500 billion over five years.

On February 7, the US removed an additional 25 per cent levy on Indian goods, followed by the removal of reciprocal tariffs from February 20.

However, on February 24, the US imposed a sweeping 10 per cent tariff on all countries.

Meanwhile, the US has initiated two investigations against some of its trade partners, including India. This probe covers aspects like excess capacity and forced labour.

Both sides will sit together and discuss how these issues need to be structured and addressed, said Agrawal, adding: "India and the US will work together to finalise timelines and next steps as part of the ongoing engagement."

Other free trade agreements (FTAs) coming soon

He shared the following timelines for four key agreements in the pipeline:

• India-UK FTA: May
• India-Oman FTA: The first week of June
• India-New Zealand FTA: Likely to be signed on April 27 and implemented by October
• India-EU FTA: Likely to be signed before December and implemented by March next year

Terms of reference finalised

The official said that the terms of reference have already been finalised for the following pacts:

• India-Phillippines PTA
• India-Maldives FTA
• India-GCC FTA

The finalisation of terms of reference is a crucial step in establishing a free trade or preference trade agreement between two or more countries. This document clearly states the rules of engagement that two or more sides agree upon before before they even begin negotiating tariffs or labour rules.

The terms document outlines the boundaries and procedures of the negotiation

India's imports surge nearly 17 times, exports up 24%

Agrawal said that the country's exports rose 24 per cent on a year-on-year basis to $860.09 billion in FY26, while imports multiplied 16.6 times to $979.4 billion from $59 billion in FY25.

Imports form the lion's share in the import bill of India, which meets around 85 per cent of its oil requirement through imports.

Gold imports at $21.93 billion

Agrawal said that out of the total imports, gold and silver contributed to $21.93 billion in the year ended March 31.

The official also rolled out a new Commerce and Industry Ministry website based on Digital Brand Identity Manual (DBIM) 3.0 guidelines -- a standardised framework to unify the Centre's digital footprint.

The aim, he said, is to make it accessible for all types of users, with links to all departments.

He expressed confidence that FY27 will be much better in terms of trade as the current challenges are unlikey to persist for long.

FAQs related to the article

Q1 What is the latest on the India-US trade deal?

An Indian team will visit the US from April 20 to 22 to advance talks in the agreement.

Q2 What is the update on US trade tariffs?

The US reduced tariffs on Indian goods, removed an extra 25 per cent levy, and scrapped reciprocal tariffs before imposing a 10 per cent tariff on all countries from February 24.

Q3 Which FTAs are expected soon?

Deals with the UK (May), Oman (early June), New Zealand (April signing, October rollout) and the EU (by December) are in the pipeline.

Q4 How did India perform in FY26 in terms of trade?

Exports rose 24 per cent to $860.09 billion, but imports surged nearly 17 times to $979.4 billion. Gold and silver imports were at $21.93 billion.