By Shivangi Acharya NEW DELHI, Feb 5 (Reuters) – India and the United States expect to sign a long-awaited formal trade deal in March, after which New Delhi will reduce tariffs on U.S. goods, Trade Minister Piyush Goyal said on Thursday. They will issue a joint statement in four or five days, prompting Washington to […]
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India to sign trade deal with United States in March, minister says
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By Shivangi Acharya
NEW DELHI, Feb 5 (Reuters) – India and the United States expect to sign a long-awaited formal trade deal in March, after which New Delhi will reduce tariffs on U.S. goods, Trade Minister Piyush Goyal said on Thursday.
They will issue a joint statement in four or five days, prompting Washington to cut duties on Indian exports to 18% from 50%, he added, laying out the first official timeline for the adoption of the deal since it was unveiled on Monday.
President Donald Trump announced the surprise trade deal with India, which slashes U.S. tariffs on Indian goods in exchange for India putting a halt to Russian oil purchases and lowering trade barriers.
Goyal said India will import at least $500 billion worth of energy, aircraft and chips, among other purchases from the United States over the next five years.
Its orders from companies such as planemaker Boeing could amount to $70 billion to $80 billion, he added.
“If you add engines, it will probably cross $100 billion,” Goyal said.
(Reporting by Shivangi Acharya; Writing by Shilpa Jamkhandikar; Editing by YP Rajesh and Clarence Fernandez)