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, such as data centers and energy, an official in New Delhi said. A 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, the official told reporters on Tuesday.
Tariffs on some Indian goods exported to the US will be cut to zero, the official said. On plans to halt Russian oil purchases, the 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.
Prime Minister Narendra Modi has concluded the long-awaited trade deal with the US, and the entire nation is congratulating him, the minister said.
The minister asserted that India has got a good deal with the US because of the personal relationship between the prime minister and US President Donald Trump.
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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