India, Feb. 8 -- Indian exports worth nearly $44 billion are set to enjoy zero reciprocal tariffs in the United States under the first phase of the proposed bilateral trade agreement, Commerce and Industry Minister Piyush Goyal announced on Saturday.

The interim trade pact, expected to be signed by mid-March, marks a major step toward enhancing bilateral trade and strengthening economic ties between the two countries. "The agreement will significantly cut US reciprocal tariffs on Indian products," Goyal said, highlighting that an executive order is expected soon to reduce certain tariffs from 25 per cent to 18 per cent. Around $44 billion worth of Indian exports will enter the US market without reciprocal duties.

Under the pact, the US ...