​​​​​​​Joint statement on India-US trade deal in 2-3 days; $500 bn imports lined up over 5 years: Sources

A joint statement on the India-US trade deal is expected to be released within the next two to three days, official sources told Business Today on Tuesday. India is expected to import goods worth around $500 billion from the United States over the next five years, they said. Data centres alone are projected to account for $20 billion of that figure.

Officials also indicated that India may receive zero-duty benefits in several cases under the deal.

In a press briefing, Commerce Minister Piyush Goyal said Prime Minister Narendra Modi has consistently ensured that sensitive areas remain protected during negotiations. "PM Modi has always ensured protection of agri and dairy sectors," Goyal said, adding that in the India-US trade deal, "sensitive sectors like agri and dairy have been protected."

Goyal said the agreement is now in the final stages of detailing and will be followed by a joint statement once the technical formalities are completed. "I can assure people of India that this will protect the interest of every Indian and provide huge opportunities for people of India, and will protect the sensitive sectors," he said.

The minister also highlighted the expected export boost for India, saying the deal offers major gains to exporters in engineering, textiles, and gems and jewellery.

On Monday, US President Donald Trump announced the trade deal with India and said Washington would reduce tariffs on Indian goods from 25% to 18%. In a post on Truth Social, Trump also claimed Prime Minister Modi "agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela."

Trump further claimed that the Prime Minister also committed to 'BUY AMERICAN' at a much higher level, "in addition to over $500 BILLION DOLLARS of U.S. Energy, Technology, Agricultural, Coal, and many other products."