India–US Trade Deal: Initial Phase Ready, Joint Statement Soon

India and the United States have completed the initial phase of a bilateral trade agreement, Union Commerce Minister Piyush Goyal announced. He said the agreement will be signed within the next four to five days, followed by a joint statement. Soon after, the US is expected to reduce tariffs on Indian products. A legally binding trade agreement is likely to be finalized by mid-March, after which India will implement tariff reductions on selected American goods.

Responding to concerns over India agreeing to imports worth USD 500 billion from the US, Goyal clarified that India’s rapidly growing economy requires large volumes of crude oil, aircraft, data centre equipment, and technology infrastructure. He stated that aircraft orders alone account for over USD 100 billion. Additional investments in data centres could lead to equipment imports worth up to USD 150 billion. The government also reiterated that India’s energy procurement decisions are guided solely by national energy security, keeping options open for oil imports from multiple global sources.