India, US likely to sign joint statement on bilateral trade deal in 4-5 days: Piyush Goyal

Commerce Minister Piyush Goyal on Thursday said that India and United States are likely to finalise and sign a joint statement on bilateral trade deal in 4-5 days.

Legal text of first tranche of India-US trade agreement likely by mid-March, Goyal added.

After the joint statement is signed, the US will come out with an executive order on reducing tariffs on India to 18 per cent.

The joint statement will be followed by an exhaustive legal agreement, he said.

Goyal also said that there is no investment commitment in this pact.

Once the statement is signed, it will be converted into a legal agreement and mid-March, "We are hopeful of signing that legal agreement," Commerce Secretary Rajesh Agrawal said.

The signing of the legal text will lead to a cut in tariffs by India on certain US goods.

On Wednesday, External Affairs Minister S Jaishankar met US Treasury Secretary Scott Bessent and held a discussion on advancing bilateral economic partnership and strategic cooperation.

It came a day after the two countries announced a trade deal that saw reciprocal tariffs on Indian goods in the US drop to 18 per cent from 25 per cent.

(With agency inputs)