Joint statement on India–US trade deal to be expected in four-five days : Goyal

Union Commerce and Industry Minister Piyush Goyal on Thursday said that the first phase of the IndiandashUS bilateral trade agreement is ready A joint statement from both countries is expected within the next four to five days while the formal legal agreement is likely to be signed by midMarchOnce the joint statement is released the United States is expected to issue an executive order reducing tariffs to 18 per cent Goyal saidUS President Donald Trump announced that India and the US have reached a trade deal under which the United States will reduce its reciprocal tariff on Indian goods from 25 percent to 18 percent The move comes after the US had imposed a steep 50 percent tariff on Indian goods entering its markets from August 27 2025Tariff cuts to follow legal agreementExplaining the technical process Commerce Secretary Rajesh Agrawal said the two countries follow different tariff systems While US tariffs can be changed through executive orders Indiarsquos tariffs follow the Most Favoured Nation MFN system and can only be reduced after the legal agreement is formally signedHe clarified that Indiarsquos tariff reductions will come into effect only after the final legal framework of the trade deal is completedDeal Aims to Boost Trade and Major PurchasesSpeaking at the signing ceremony of the Terms of Reference for a Free Trade Agreement between India and the Gulf Cooperation Council GCC Goyal highlighted the scale of Indiarsquos growing economic engagement with the US He said Indiarsquos orders for US aircraft engines and related equipment alone are expected to cross USD 100 billionGoyal also reiterated that India and the US are complementary economies and that the trade agreement will benefit both sides The bilateral trade agreement aims to more than double trade between India and the USmdashfrom the current USD 191 billion to USD 500 billion by 2030 According to Goyal several areas of the agreement have already been finalised after extensive negotiationsGCC FTA signing and broader trade visionNegotiations for the bilateral trade agreement gained momentum after Prime Minister Narendra Modirsquos visit to the US in February 2025 The deal was formally announced following a phone call between PM Modi and US President Donald Trump on February 2Addressing concerns raised in the Lok Sabha Goyal said negotiators from both countries have been working at multiple levels for nearly a year He stressed that sensitive sectors on both sides were protected during talks In Indiarsquos case agriculture and dairy were among the key sectors safeguardedThe signing ceremony also saw participation from senior officials including Commerce Secretary Rajesh Agrawal Indiarsquos chief negotiator Ajay Bhadoo GCC chief negotiator Raja Al Marzouki and senior representatives from the GCC and Indiarsquos Ministry of External AffairsReflecting on the longstanding trade ties between India and the Gulf region Goyal said the two sides have been trading partners for thousands of years He added that the proposed agreement would allow smoother movement of goods and services and strengthen bilateral relationsGoyal said India is actively pursuing trade agreements with developed nations to expand its global economic presence He added that the deal would create opportunities for MSMEs farmers fishermen youth and the manufacturing sector with food processing infrastructure and petrochemicals expected to benefit the mostWith ANI Inputs