India–US Trade Deal to Be Signed by Mid-March: Goyal
Reciprocal tariffs cut to 18%, Russia oil imports to stop; joint statement due in five days
- India–US trade deal likely to be signed by mid-March, says Piyush Goyal
- US to slash reciprocal tariffs to 18%; India to stop buying Russian oil
- India commits to $500 billion energy and tech purchases from the US
- Farmers, dairy and fisheries sectors kept out of concessions
GG News Bureau
New Delhi, 5th Feb: The India–US trade deal, under which the United States will reduce reciprocal tariffs on Indian goods to 18 per cent and India will stop purchasing oil from Russia, is expected to be signed by mid-March, Union Commerce and Industry Minister Piyush Goyal said on Thursday.
Addressing the media, Goyal said a joint statement outlining key aspects of the agreement would be issued within the next five days, though he did not elaborate on its contents. He added that the agreement would mark a major step forward in bilateral trade relations.
According to the deal, India will also commit to purchasing goods worth USD 500 billion, largely in the energy and technology sectors, from the United States. The agreement was first announced earlier this week by US President Donald Trump through a post on his Truth Social platform.
Sources said the agreement is being viewed as the first phase of a broader trade partnership, with the long-term goal of boosting India–US bilateral trade to USD 500 billion by 2030. However, the announcement triggered sharp criticism from the Opposition, which accused the government of keeping Parliament in the dark over negotiations and details.
Government sources clarified that sensitive sectors such as agriculture, dairy and fisheries — which provide livelihoods to crores of farmers and marginalised communities — have been fully protected and kept outside the scope of concessions. They pointed out that similar safeguards were maintained in trade agreements signed in 2025 with Oman, the UK, New Zealand and the European Union.
Opposition protests over the deal led to repeated disruptions in Parliament, cutting short Goyal’s speech in the Lok Sabha on Wednesday. In the brief time he was heard, the minister asserted that the agreement would promote domestic manufacturing, design capabilities and provide new opportunities for India’s MSME sector, while ensuring that India enjoys one of the lowest tariff rates among major exporters to the US.
