New Delhi — A four-day state visit concluded Friday with the signing of a new regional trade pact aimed at cutting tariffs on more than 4,000 categories of goods between the two countries, marking the most significant bilateral economic agreement between the two nations in over a decade.
Officials said the pact would be phased in over five years, with immediate tariff reductions on agricultural products, textiles, and pharmaceuticals, sectors both governments identified as priorities for job creation. Business delegations from both countries signed a further $2.3 billion in investment memoranda on the sidelines of the visit.
Analysts described the pact as part of a broader regional trend toward deeper economic integration amid uncertainty over global trade rules. Opposition lawmakers in both countries raised concerns over the pace of agricultural tariff reductions, warning of pressure on domestic farmers, while officials pledged transitional support programmes to ease the adjustment.