After the joint statement is signed, the US executive order on reducing tariffs on India to 18 per cent will be issued and India will buy about $500 billion worth of US goods over the next five years.
India and the US may issue a joint statement on the first tranche of their bilateral trade deal in four to five days, while an exhaustive legal pact for that is expected to be signed in March, Commerce and Industry Minister Piyush Goyal has said.
After the joint statement is signed, the US will cut tariffs on India to 18 per cent and India will buy about $500 billion worth of US goods over five years.
After the legal text is signed, India will cut tariffs on certain US goods.
Indian goods now attract a 25-per cent reciprocal tariff and a 25-per cent additional tariff for buying Russian crude oil.
Goyal told reporters that there is no investment commitment in this pact.
Fibre2Fashion (DS)
