India and the US could sign a joint trade statement in 4-5 days: Goyal

New Delhi: Commerce and Industry Minister Piyush Goyal said on Thursday that India and the United States will finalize and sign a joint statement on the first phase of a bilateral trade agreement within 4-5 days.

Following the signing of the joint statement, the US will issue an executive order reducing tariffs on Indian goods to 18 percent. Currently, a reciprocal tariff of 25 percent is levied on Indian goods, along with an additional 25 percent tariff for purchasing Russian crude oil.

Goyal told reporters that a legal agreement for the first phase of the deal is expected to be signed by mid-March.

He said the joint statement would be followed by a detailed legal agreement.

Goyal also stated that there are no investment commitments in this agreement.

Commerce Secretary Rajesh Agrawal said, “Once the statement is signed, it will be converted into a legal agreement, and by mid-March, we expect to sign that legal agreement.”

The signing of the legal text will entail India reducing tariffs on certain American goods.