New Delhi [India], February 3 (ANI): India and the US are likely to issue a joint statement on the trade agreement this week, according to government sources.
"We are under final stages of detailing with the negotiating team. A joint statement of the India-US trade deal is likely to be issued this week," said the source.
The deal involves reducing reciprocal tariffs from 25% to 18% and eliminating the additional 25% duty on Russian oil imports into India. India has also agreed to increase imports from the US by $500 billion, covering sectors like energy, technology, agriculture, and defence.
The agreement will boost India's export competitiveness, attract investments, and strengthen economic ties with the US.
Earlier on Tuesday, Commerce and Industry Minister Piyush Goyal said that the India-US Trade Agreement brings tremendous opportunity to the country and is the best deal India has received compared to all its neighbours.
Addressing a press conference a day after the India-US trade deal was announced, Goyal said that India's interests have been prioritised.
"We all know that the Prime Minister, leveraging his friendly relationship and close ties with President Trump, has finalised a trade deal with the United States of America that is the best deal India has received compared to all our neighbours, all the surrounding countries, and all the countries that compete with us. This is a great deal for all of us," he said.
The Commerce Minister also said that the sensitive sectors of India's economy, particularly agriculture and dairy, have been protected in the India-US trade deal.
Addressing a press conference here, Piyush Goyal said that Prime Minister Narendra Modi has always championed the agriculture and dairy sectors, safeguarding their interests and working tirelessly to ensure a bright future and ample opportunities for their workers.
"I am pleased that the entire country understands and appreciates this, and it resonates deeply with them. The sensitive factors of India's economy, particularly agriculture and dairy, have been protected. We have seen reports from across the country; there is widespread enthusiasm," he said.
The trade deal with the United States comes just a week after India signed a landmark agreement with the European Union.
PM Modi spoke with US President Donald Trump on Monday. He later said that it was wonderful to speak with his "dear friend President Trump" and expressed delight that Made in India products will now have a reduced tariff of 18%.
"Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement," PM Modi said in a post on X on Monday.
The Prime Minister said that when two large economies and the world's largest democracies work together, it benefits our people and unlocks immense opportunities for mutual benefit.
"President Trump's leadership is vital for global peace, stability, and prosperity. India fully supports his efforts for peace. I look forward to working closely with him to take our partnership to unprecedented heights," PM Modi said.
India and the European Union (EU) had on January 27 announced the conclusion of negotiations for a Free Trade Agreement (FTA), an important milestone in one of India's most strategic economic partnerships. (ANI)
