India-US Trade Deal: The historic India-US trade deal aims at $500 billion in five years and both sides will release a joint statement to provide the fine-print of the agreement in the next 2-3 days, government sources told NDTV Profit on Tuesday, Feb. 3. This means India's agreement with the US to buy $500 billion-worth of goods over five years includes an existing pipeline of projects, as well as new areas of spending. The $500 billion commitment includes all merchandise purchases including boeing, data center, LPG, coking coal, gold, among other such goods and commodities.
The joint statement on a US-India framework trade agreement will likely be published in the next 2-3 days, fleshing out more details of the deal announced by US President Donald Trump on Monday. In several cases, India also get the zero tariffs, according to government sources. The data centre itself will fetch $20 billion.
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On plans to halt Russian oil purchases, government official said India's government believes in diversifying its sources of energy. The government doesn't dictate to companies where to buy oil, and if they wanted to purchase sanctioned Russian oil, it's their decision to do so, the official said.
Goyal on Tuesday said India has got a very good trade deal with the US, better than competitors, without compromising interest of the agriculture and dairy sectors.Without giving details of what has been agreed with Washington, Goyal said the trade deal is in the final stages, and an Indo-US joint statement will be issued shortly detailing the contours of the agreement.
India-US trade deal will open huge opportunities for the poor, fishermen, farmers and youth of the country, Goyal said. This trade deal with the US is a good omen for India's bright future, the commerce minister added. Goyal said that as part of the deal, the reciprocal tariff on Indian goods will come down to 18 per cent from 50 per cent.
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