New Delhi: India and the United States are expected to finalise and sign a joint statement on the first tranche of their bilateral trade agreement within the next four to five days, Commerce and Industry Minister Piyush Goyal said on Thursday.
Following the signing of the joint statement, the United States is expected to issue an executive order reducing tariffs on Indian goods to 18 per cent. Currently, Indian exports face a 25 per cent reciprocal tariff, along with an additional 25 per cent duty linked to India’s purchase of Russian crude oil.
Addressing reporters, Goyal said that the legal agreement for the first tranche of the trade pact is likely to be concluded by mid-March. He explained that while the joint statement would outline the broad understanding between the two countries, it would subsequently be followed by a detailed and legally binding agreement.
The minister clarified that the agreement does not include any investment commitments from either side.
Commerce Secretary Rajesh Agrawal also expressed confidence that the legal agreement would be signed by mid-March after the joint statement is formalised. He said the conversion of the statement into a legal text would pave the way for tariff reductions by India on select American goods.
The proposed agreement is being seen as a significant step towards strengthening bilateral trade ties between India and the US.
