New Delhi, February 5: The first phase of the India-US Trade Deal is expected to be announced in the next four to five days, with tariffs on Indian exports to the United States set to decrease to 18 percent. This information was shared by Commerce and Industry Minister Piyush Goyal on Thursday.
Goyal stated, “A joint statement between India and the US may be released in the next four to five days. Once the executive order is issued, tariffs on Indian exports to the US will be reduced to 18 percent.”
He further mentioned that India has completed eight bilateral trade agreements, and the agreement with the US will be the ninth. The Free Trade Agreement (FTA) signed under the leadership of Prime Minister Narendra Modi will significantly contribute to the country’s modernization efforts.
Additionally, Goyal revealed that India is set to sign terms of reference for an FTA with the Gulf Cooperation Council (GCC), marking a resumption of negotiations that have been ongoing for nearly two decades.
He emphasized that an FTA with all six GCC countries would improve policy forecasts, encourage investment, and strengthen food and energy security. Key sectors such as food processing, petrochemicals, and information and communication technology are expected to benefit from the India-GCC FTA. Currently, bilateral trade between India and the GCC stands at $179 billion.
Goyal noted that the India-GCC free trade agreement would serve as a driving force for global interests.
Earlier, Minister Piyush Goyal informed the Lok Sabha that India has successfully ensured the protection of its sensitive sectors, particularly agriculture and dairy, in the trade deal with the US.
The minister told Parliament, “Following Prime Minister Narendra Modi’s visit to the US in February 2025, India and the US have been regularly discussing to conclude a balanced and mutually beneficial bilateral trade agreement.”