India–US trade deal: Joint statement expected next week, says Goyal

New Delhi: India and the United States are set to issue a joint statement on their long-discussed trade agreement within the next week, according to officials. Commerce and Industry Minister Piyush Goyal confirmed on Thursday that the first tranche of the bilateral pact is expected to be finalised and signed in four to five days.

The announcement is anticipated to clarify details that have remained opaque since US President Donald Trump declared unilaterally that a deal had been struck, with tariffs on Indian goods reduced from 50 per cent to 18 per cent. 

Once the joint statement is signed, Washington is expected to issue an executive order formally reducing tariffs on Indian exports to 18 per cent. Currently, Indian goods face a 25 per cent reciprocal tariff, alongside an additional 25 per cent levy linked to India’s purchase of Russian crude oil.

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The joint statement would be followed by a comprehensive legal agreement, which is likely to be signed by mid-March, Commerce Secretary Rajesh Agrawal added.

The legal text will pave the way for India to cut tariffs on selected US goods. Goyal emphasised that the pact does not include any investment commitments, underscoring its focus on trade liberalisation rather than capital flows.

PTI