Rajesh Aggarwal has clarified that the India-US trade agreement will be signed only after the new tariff framework is implemented. The government said on Monday (March 16) that the proposed trade agreement between the two countries will be formally signed only after the new duty structure is finalised.
Rajesh Aggarwal said that India and the US are currently discussing various aspects and technical details of the agreement, which makes it clear that the negotiations are still ongoing. “We are currently negotiating the details with the US. The actual signing of the India-US trade agreement will take place once the new tariff regime is in place,” he said.
This comment of the government comes after the release of the country’s latest trade figures. According to the data, India’s merchandise exports declined by 0.81 percent to $36.61 billion in February. During this period, imports increased by 24.11 percent to reach $63.71 billion, which was $51.33 billion at the same time last year. As a result, the trade deficit increased to $27.1 billion in February.
Despite the monthly decline, Agarwal said India’s export performance remains relatively stable amid global uncertainties. The country’s exports increased by 1.84 percent to $402.93 billion during the April-February period of the financial year 2025-26. Imports grew 8.53 percent to $713.53 billion during the same period, reflecting strong domestic demand and rising imported consignments.
The Commerce Secretary also hinted at potential challenges facing exports in the coming weeks. He said the ongoing crisis in West Asia has caused logistics disruptions, which may impact exports in March. Escalating tensions since February 28 following military action by the US and Israel against Iran have affected major maritime trade routes, particularly around the strategically important Strait of Hormuz, impacting freight traffic and global supply chains.
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