NEW DELHI – Indian Commerce Minister Piyush Goyal announced on Thursday that the country’s trade deal with the United States is nearing completion, with a joint statement expected to be finalized and signed within the next “4-5 days”.
According to Goyal, the agreement will be the first tranche of a larger Bilateral Trade Agreement between India and the U.S. The joint statement is seen as a significant step towards the deal’s implementation.
Following the signing of the joint statement, the U.S. is expected to issue an executive order reducing tariffs on Indian goods to 18%. The executive order is expected to be issued in the coming days, with the full agreement, including a legal agreement, anticipated by mid-March.
The development comes as a welcome relief to Indian businesses, which have been eagerly awaiting a trade deal with the U.S. The agreement is expected to boost bilateral trade and provide a boost to India’s economy.
