First tranche of agreement ready, joint statement in 4-5 days: Piyush Goyal on India-US trade deal

Goyal said the first tranche of the bilateral trade agreement between the two country is almost ready.

Updated on: Feb 5, 2026, 15:20:08 IST

By HT News Desk

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Union minister Piyush Goyal on Thursday said discussions between India and the United States are underway on the trade deal. He said that the first tranche of the bilateral trade agreement between the two country is almost ready.

Union Minister of Commerce and Industry, Piyush Goyal, addresses the media on the India-US trade deal, in New Delhi on Tuesday. (@PiyushGoyal X/ANI Video Grab) (@PiyushGoyal X/ANI Video Grab)

“Very meaningful discussions are underway between India and the United States of America. Our two leaders have made a decision. The first tranche of our bilateral trade agreement is almost ready. We hope that in the next four to five days we will finalize and sign a joint statement between the United States and India,” Goyal said.

“The formal agreement is also being drafted and could take about a month to a month and a half to finalize. It is expected to be signed by mid-March,” he stated,

He added that the reduction in the 18% tariffs would be implemented after the joint statement is announced by an executive order passed by the United States.

Goyal made the remarks on Thursday at the signing ceremony for the Terms of Reference (ToR) of a Free Trade Agreement (FTA) between India and the Gulf Cooperation Council.

Also Read | US trade deal fully protects agri and dairy sectors, Goyal tells Parliament

More on Piyush Goyal's remarks

Underscoring the scale of India’s engagement with Washington, DC, Goyal said, “Our orders for US aircraft and engine etc will alone cross USD 100 billion.”

Offering technical clarity on the process, Commerce Secretary Rajesh Agrawal explained the difference in tariff regimes between the two countries.

“Their (US) tariffs are executive tariffs. Our tariffs are MFN tariffs. So (our) MFN tariffs reduction only can take place after the legal agreement has been signed. That will only happen after the legal agreement has been signed,” Agrawal said.

Earlier on Wednesday, Goyal described India and the United States as complementary economies and said a trade deal would be mutually beneficial.

Negotiations on a bilateral trade agreement (BTA) have been underway since Prime Minister Narendra Modi’s visit to the US in February 2025. The talks were formally announced following a February 2 phone call between Modi and US President Donald Trump.

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