‘Joint Statement Soon’: Goyal Says India-US Trade Deal Likely by Mid-March

Commerce and Industry Minister Piyush Goyal on Thursday indicated that the signing of the India-US trade agreement is likely by mid-March, subject to procedural and legal formalities on both sides. He also hinted that a joint statement by India and the US for the deal will be released in the coming 4-5 days. 

India and the United States share one of the world’s most significant bilateral trade relationships. Two-way goods and services trade is estimated at over $190 billion annually, making the US India’s largest trading partner.

India’s exports to the US are led by engineering goods, pharmaceuticals, IT services, gems and jewelry, textiles, and chemicals, while imports include crude oil, LNG, defense equipment, electronics, and aircraft components.

The two countries have publicly set an ambition to scale bilateral trade to $500 billion in the coming years, driven by deeper commercial integration.

Sensitive Sectors Ring-fenced

Goyal reiterated that India’s sensitive sectors, particularly agriculture and dairy, have been protected in the concluded deal. These sectors have historically been non-negotiable due to their impact on rural livelihoods and food security.

Officials have emphasised that the agreement balances trade expansion with domestic economic priorities, avoiding across-the-board tariff concessions in vulnerable segments.

What The Deal is Expected To Unlock? 

• Improve market access for Indian exporters
• Reduce regulatory friction and compliance costs
• Enhance predictability and certainty for businesses
• Strengthen supply chain cooperation, particularly in manufacturing and technology

Once signed, the deal is expected to reinforce India’s position as a trusted economic partner. 

Also read: https://www.republicworld.com/business/india-eyes-local-helicopter-manufacturing-as-adani-defence-leonardo-ink-mou