‘India US may sign trade deal in 4-5 days’:Commerce Minister Piyush Goyal says agreement documents of 1st part likely to be out by mid-March

Commerce Minister Piyush Goyal says “India and US will sign trade deal in 4-5 days.” The commerce minister adds that both the countries are likely to finalise and sign the joint statement on the bilateral trade deal in as many days. When will be the terms conditions of India-US trade deal announced? Goyal says that although the deal may be signed in the next five days, but, the legal text of the first tranche of the India-US trade agreement will be likely out by mid-March. Is 18% tariff rate final? After the joint statement is signed, the US will come out with an executive order on reducing tariffs on India to 18%. Currently, US imposes 50% ‘Trump Tariffs’ on Indian goods: Currently, Indian goods attract a 25% reciprocal tariff and a 25% additional tariff for buying Russian crude oil. No investment commitment in ‘India-US trade deal’: Commerce Minister Goyal also said that there is no investment commitment in this pact. Trump had claimed India Prime Minister Narendra Modi had committed to “Buy American” products of much higher volume than present apart from energies, agricultural products and “many other products.” What happens after the India-US joint statement is signed? 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. India will also cut tariffs on American goods: Agarwal added that the signing of the legal text will lead to a cut in tariffs by India on certain US goods. India will buy more aircraft from America: Goyal Highlighting the scale of the upcoming engagement with Washington DC, Goyal stated, “Our orders for US aircraft and engine, etc., will alone cross $100 billion.” What will India achieve from the BTA? Both the countries seek to more than double bilateral trade, from the current $191 billion (over ₹17 lakh crore) to $500 billion (around ₹45 lakh crore) by 2030.