The Union Commerce Minister, Piyush Goyal, on Thursday (5th February) announced that India and the US are likely to release a joint statement in the coming four to five days regarding the first tranche of their Bilateral Trade Agreement. He said that the reduction of US tariffs on India from 50% to 18% will happen through an executive order, which will be issued by the US President following the joint statement.
The reduction of Indian tariffs on US imports will follow after the signing of the legal and formal agreement, which is expected to take place in mid-March. “We estimate that the formal agreement will be signed in mid-March,” the Union Minister stated. “However, the 18% U.S. tariffs will become operational following an executive order [by the U.S. President] after the signing of the joint statement,” Goyal said.
“The first tranche of the Bilateral Trade Agreement is nearly ready. We hope that a joint statement between India and the U.S. will be finalised and signed in the next 4-5 days,” he said.”Meaningful talks are going on between India and the U.S. on the decisions that were announced by the leaders of the two countries,” he added.
Today in the Lok Sabha, I was scheduled to deliver a statement regarding the #IndiaUSTradeDeal.
— Piyush Goyal (@PiyushGoyal) February 4, 2026
However, when the Government came prepared to provide a factual clarification on the subject, the Opposition began creating a ruckus.
Consequently, I am releasing my full statement… pic.twitter.com/Hy9z03ZfhA
The Union Minister clarified that the India-US trade deal will entirely protect the core sensitivities of the Indian agricultural and dairy sector. “During the course of these negotiations, the Indian side was able to do this, in particular, by ensuring that the interests of our agriculture and dairy sectors were protected. The US side, too, had areas that were sensitive from its point of view,” Goyal said. “I wish to reiterate to this House that India’s core sensitivities in food and agriculture have been fully safeguarded. Equally, this partnership will unlock new opportunities for MSMEs, entrepreneurs, skilled workers, and industry, enable access to advanced technologies, and support India’s vision to Make in India for the world, Design in India for the world, and Innovate in India for the world,” he added.
“Day before yesterday, Prime Minister Narendra Modi and President Donald Trump spoke over the phone to discuss multiple issues of bilateral and international significance. Subsequently, President Trump announced a reduced rate of 18% for Indian exports to the US. I wish to underline that this rate is lower than the tariffs imposed by the US on several competing countries, thereby enhancing India’s export competitiveness in the US market,” Goyal explained.
Goyal said that the two sides are currently engaged in completing the necessary technical processes and finalising the paperwork related to the trade agreement. Speaking on India’s strategy to purchase crude oil and other energy products, Goyal emphasised that ensuring the energy security of 1.4 billion Indians is the government’s top priority.
