India to Buy $2 Trillion Worth of Goods; Joint Investment Statement from US Trade Deal Expected in 4–5 Days

A joint statement on the trade deal between India and the United States is expected within the next 4–5 days. Commerce and Industry Minister Piyush Goyal said that the first phase of the bilateral trade agreement is likely to be finalized and signed in the coming days.

Once the joint statement is signed, the US is expected to issue an executive order reducing tariffs on Indian goods from 25% to 18%. Currently, Indian goods face a 25% retaliatory duty, along with an additional 25% duty on Russian crude oil imports.

Speaking to reporters, Goyal said that a detailed legal agreement for the first phase could be signed by mid-March. He emphasized that the current deal does not include any binding investment commitments. Commerce Secretary Rajesh Aggarwal added that once the joint statement is signed, it will be converted into a legal agreement, with tariff reductions on select American goods coming into effect afterward.

$2 Trillion in Purchases

Goyal highlighted that India could purchase $70–80 billion worth of aircraft from the US, with aircraft forming a significant part of the trade. A ministry official noted that over the next five years, India could import nearly $2 trillion worth of goods globally, of which $500 billion could come from the United States.

US President Donald Trump also announced that under the trade deal, India could buy $500 billion worth of goods from the US, underscoring the strategic economic cooperation between the two nations.