New Delhi [India], February 3 (ANI): India and the United States are likely to issue a joint statement on their trade agreement later this week, according to government sources.
“We are in the final stages of detailing with the negotiating team. A joint statement on the India–US trade deal is likely to be issued this week,” a source said.
The agreement involves reducing reciprocal tariffs from 25 percent to 18 percent and eliminating the additional 25 percent duty on Russian oil imports into India. India has also agreed to increase imports from the United States by USD 500 billion across sectors such as energy, technology, agriculture, and defense.
The deal is expected to enhance India’s export competitiveness, attract investments, and further strengthen economic ties between the two countries.
Earlier on Tuesday, Commerce and Industry Minister Piyush Goyal said the India–US Trade Agreement presents tremendous opportunities for the country and described it as the best deal India has received compared to its neighbors.
Addressing a press conference a day after the agreement was announced, Goyal said India’s interests had been prioritized. He said Prime Minister Narendra Modi, leveraging his close ties with US President Donald Trump, finalized a deal that surpasses agreements secured by other competing countries.
The Commerce Minister also emphasized that sensitive sectors of India’s economy, particularly agriculture and dairy, have been safeguarded under the agreement. He said the Prime Minister has consistently championed these sectors, ensuring their interests are protected and that workers benefit from long-term growth.
Goyal added that there has been widespread enthusiasm across the country following reports on the agreement, reflecting public confidence in the deal.
The trade agreement with the United States comes just a week after India signed a landmark agreement with the European Union. India and the EU announced the conclusion of negotiations for a Free Trade Agreement on January 27, marking a major milestone in one of India’s most strategic economic partnerships.
Prime Minister Modi also spoke with President Trump on Monday, later describing the conversation as positive. He said he was delighted that Made in India products would now face a reduced tariff of 18 percent.
In a post on X, the Prime Minister said cooperation between the world’s largest democracies would benefit their people and unlock significant opportunities for mutual growth. He added that India supports President Trump’s leadership for global peace, stability, and prosperity and looks forward to strengthening the partnership further.
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