The first tranche of the proposed India–US bilateral trade agreement is nearly ready, and a joint statement announcing the deal is expected within the next four to five days, Union Commerce and Industry Minister Piyush Goyal said on Thursday.
Speaking to the media after the signing of the Terms of Reference with the Gulf Cooperation Council, Goyal said the formal agreement is likely to be signed around mid-March, following the joint announcement.
He added that the new reciprocal tariff of 18 per cent would be implemented through an executive order to be issued by the United States after the joint statement.
Highlighting the scale of future engagement, Goyal said India’s growth ambitions under ‘Viksit Bharat 2047’ would require large volumes of energy, data centre equipment, and steel. He estimated potential procurement from the US at around USD 500 billion over the next five years, including aircraft orders worth nearly USD 70–80 billion.
The remarks come days after US President Donald Trump announced a trade deal with India following a phone call with Prime Minister Narendra Modi. Trump said reciprocal tariffs on Indian imports into the US would be reduced from 25 per cent to 18 per cent. At the same time, India would eliminate tariff and non-tariff barriers on American products.
Prime Minister Modi welcomed the move, saying closer cooperation between the two democracies would unlock significant opportunities for mutually beneficial growth.
