The India-US trade deal - which will see the United States slash reciprocal tariffs to 18 per cent and India stop buying oil from Russia, while also commit to buying US$500 billion in energy and tech products from America - will be signed by mid-March, Commerce Minister Piyush Goyal said Thursday.
A joint statement will be issued in five days, he said, though he did not specify what it might contain.
Earlier today sources told NDTV that details of the deal - demanded by an opposition furious at being left in the dark over negotiations and the announcement itself - will be shared at a later stage.
The same sources, however, also stressed that the country’s price-sensitive dairy and fisheries sector and, crucially, farmers had been adequately shielded from American exports.
Sources also pointed to other trade deals signed in 2025 - with Oman, the United Kingdom, New Zealand, and the European Union - and said no concessions were made in those either.
Announced by President Donald Trump in a Truth Social post Monday night, the agreement is seen as the first step towards a long-awaited broader trade deal between the two countries, with the expectation that it will boost bilateral trade to a staggering US$500 billion by 2030.
That deal was reportedly held up because Washington demanded access to the agriculture and dairy markets that provide jobs and livelihoods for crores of people, including subsistence farmers, families teetering on the edge of poverty, and those from marginalised communities.
The Indian side, sources said, made it clear these concessions were off the table.
When Trump revealed Monday night that an agreement had been reached, the opposition was quick to decry the lack of clarity on various topics, including date of implementation and alternate sources of oil; India bought nearly 21 million barrels in 2025, tracking firm Kpler said.
Protests by the opposition also led to frequent disruptions in Parliament, drowning out Piyush Goyal’s Lok Sabha speech yesterday on the trade deal.
In the few minutes he was heard, Goyal said the deal would promote domestic manufacturing and design and provide opportunities for a stuttering MSME sector.
He also pointed out the reciprocal tariff would now be lower than any on major nations exporting to the US.
Source: NDTV
--Agencies
