India-U.S. trade deal: Likely to finalise and sign joint statement in ‘four to five days’, Piyush Goyal says

Amid uncertainty over the details of the India-US agreement, Commerce Minister Piyush Goyal on Thursday (5 February 2026) confirmed that it is the “first tranche” of a larger Bilateral Trade Agreement and the joint statement will be released in the next “4-5 days”.

Following the signing of the joint statement, the US will issue an executive order to reduce tariffs on India to 18%. Early on Monday, February 2, 2026, Prime Minister Narendra Modi announced after a phone call with President Donald Trump that “Made in India” products will “now” be charged an “18 percent discounted tariff” in the United States.

Currently, Indian goods are subject to 25% reciprocal duty and 25% additional customs duty on purchase of Russian crude oil.

The legal agreement for the first tranche of the deal is expected to be signed in mid-March, Mr. Goyal said. Saying that the joint statement will be followed by a comprehensive legal agreement, Goyal added that there is no investment commitment in this agreement.

Once the statement is signed, it will be converted into a legal agreement, and in mid-March, Commerce Minister Rajesh Agrawal said, “We hope to sign this legal agreement.”

With inputs from PTI