India-US joint statement in days, tariff cuts in a week, says Piyush Goyal

On the $500 billion purchase commitment in the agreement, the Minister said the country would need large volumes of energy, data centre equipment, and ICT products.

Written by: Dheeraj Mishra, Ravi Dutta Mishra

3 min readNew DelhiUpdated: Feb 6, 2026 02:32 AM IST

Goyal said India ‌will import at least $500 billion worth of energy, aircraft and ‌chips from the United States over the next five years. (File Photo)

Stating that India and the US will formally sign the first tranche of their new trade agreement by mid-March, Union Commerce Minister Piyush Goyal said Thursday that a joint statement on the deal will be released in the next four-five days after which US tariffs will come down to 18 per cent through a White House executive order.

“The first tranche of the bilateral trade agreement (BTA) is almost ready, and we expect that in the next four-five days, we will finalise and sign a joint statement between the US and India. And based on that, the first phase of this partnership will begin…there is no investment commitment in this pact,” Goyal told reporters.

He said India is looking to come out with the joint statement as fast as possible, as there are further concessions that it will get after the legal agreement. On the $500 billion purchase commitment in the agreement, the Minister said the country would need large volumes of energy, data centre equipment, and ICT products.

ALSO READ | US farm exports to India have been surging even with no trade deal

“Our steel capacity is going to double from today’s 140 million tonnes to about 300 million tonnes in the next few years. And therefore, when we estimated what we will need from the US, we came to a figure of at least $500 billion. We can clearly see before our eyes the potential that we can procure from the US over the next five years,” Goyal said.

Pointing to India’s aircraft demand alone, he said that “orders placed on Boeing and yet to be placed but ready, are nearly $70-80 billion”. “If you add the engines and other spare parts, it will probably cost $100 billion,” Goyal said.

Rajesh Agrawal, Commerce Secretary, said that “all US trade deals have had joint statements”. “The joint statement related to the India-US agreement will come into effect in four-five days. It can be early, too. Once the joint statement is there, it has to be converted into a legal agreement. We are targeting mid-March to sign the legal agreement. That will give us the authority to reduce tariffs on our side. Because their tariffs are executive tariffs. Our tariffs are Most-Favoured-Nation (MFN) tariffs,” he said.

Dheeraj Mishra

Dheeraj Mishra is a Principal Correspondent with the Business Bureau of The Indian Express. He plays a critical role in covering India's massive infrastructure sectors, providing in-depth reporting on the connectivity lifelines of the nation. Expertise & Focus Areas: Mishra’s journalism is focused on two of the country's most capital-intensive and public-facing ministries: Ministry of Railways: Tracking the operations, safety, and development of India's vast railway network. Ministry of Road Transport & Highways: Covering policy decisions, infrastructure projects, and highway development. What sets Mishra apart is his rigorous use of the Right to Information (RTI) Actas a primary tool for news gathering. By relying on official data and government records, he ensures a high degree of accuracy and trustworthiness in his reporting. This data-driven approach has resulted in numerous impactful reports that hold public institutions accountable and bring transparency to government operations. Find all stories by Dheeraj Mishra here ... Read More

Ravi Dutta Mishra

Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, specializing in economic policy and financial regulations. With over five years of experience in business journalism, he provides critical coverage of the frameworks that govern India's commercial landscape. Expertise & Focus Areas: Mishra’s reporting concentrates on the intersection of government policy and market operations. His core beats include: Trade & Commerce: Analysis of India's import-export trends, trade agreements, and commercial policies. Banking & Finance: Covering regulatory changes and policy decisions affecting the banking sector. Professional Experience: Prior to joining The Indian Express, Mishra built a robust portfolio working with some of India's leading financial news organizations. His background includes tenures at: Mint CNBC-TV18 This diverse experience across both print and broadcast media has equipped him with a holistic understanding of financial storytelling and news cycles. Find all stories by Ravi Dutta Mishra here ... Read More

Stay updated with the latest - Click here to follow us on Instagram