India, US may issue joint statement on trade deal this week: Sources

Story by ANI | Posted by Vidushi Gaur | Date 03-02-2026

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New Delhi

India and the United States are expected to release a joint statement on their recently concluded trade agreement later this week, government sources indicated on Monday.

According to the sources, negotiations are in the final stages of detailing. “Discussions with the negotiating teams are nearing completion, and a joint statement on the India–US trade agreement is likely to be issued this week,” a source said.

The agreement provides for a reduction in reciprocal tariffs from 25 per cent to 18 per cent and removes the additional 25 per cent duty imposed on Russian oil imports into India. As part of the deal, India has also committed to expanding imports from the US by USD 500 billion across sectors such as energy, technology, agriculture and defence.

The trade pact is expected to enhance India’s export competitiveness, attract fresh investments and further deepen economic ties between the two countries.

Earlier, Commerce and Industry Minister Piyush Goyal described the agreement as a significant opportunity for India, stating that it is the most favourable trade deal India has secured compared to its competitors and neighbouring countries. Addressing a press conference, Goyal said India’s core interests were fully safeguarded in the negotiations.

He emphasised that sensitive sectors, particularly agriculture and dairy, have been protected. Goyal added that Prime Minister Narendra Modi has consistently prioritised these sectors and ensured their long-term security and growth.

The India–US trade agreement comes close on the heels of India concluding a landmark Free Trade Agreement with the European Union last month.

Prime Minister Modi also spoke with US President Donald Trump on Monday, later expressing satisfaction that tariffs on Made in India products will be reduced to 18 per cent. He said cooperation between the world’s largest democracies would unlock vast opportunities for mutual benefit and contribute to global peace and prosperity.