I ndia and the United States are reportedly close to finalising a long-pending trade agreement that would substantially reduce tariffs—from around 50 per cent to 15-16 per cent. While this could mark a new phase in bilateral relations and align with India’s strategic rebalancing in energy and technology, the proposed tariff cuts also raise doubts about their potential impact on India’s farm and dairy sectors.

The lure of market access

At first glance, the deal’s logic seems unassailable. India seeks deeper integration with the US economy, diversification away from Russian energy dependence, and enhanced access for its pharmaceuticals, textiles, and IT services. The US, in turn, is eager to open India’s vast consumer market to its agricultural exports and energy products.

Such trade rea

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